ROYAL Bank of Scotland executives and senior directors have received more than £3.3 million worth of shares.

Chief executive Ross McEwan got 156,133 shares, worth in excess of £450,000, as part of a fixed allowance for the six month period to the end of December this year.

However Mr McEwan has already stated he will not be taking his allowance for this year and will transfer the shares retained after meeting the tax liabilities, a holding of 82,640 shares, to a charity.

Finance director Ewen Stevenson, chief executive of corporate and institutional banking Chris Marks and capital resolution boss Mark Baillie received 124,906 shares each.

All three retained 66,111 after selling some of the award to meet tax liabilities.

Commercial and private banking chief Alison Rose, chief risk officer David Stephen and personal and business banking head Les Matheson were among the others receiving shares.