Four directors of Royal Bank of Scotland shared more than 2.5m (€3.97m) in special bonuses awarded last March for helping the bank win control of National Westminster.
Fred Goodwin, chief executive, was paid 814,000 for his contribution to the defeat of Bank of Scotland's rival bid, while Sir George Mathewson, executive deputy chairman, received 759,000.
Iain Robertson, head of corporate banking, was awarded 773,000 and Norman McLuskie, head of retail, 197,000.
The bonuses will be scrutinised by institutional shareholders. On Tuesday night, the Association of British Insurers (ABII), whose member companies control 1,000bn of assets, including about a quarter of the UK stock market, said it would examine the RBS scheme.