The Royal Bank of Scotland is expected to reveal that 300 of its employees received pay packets averaging £1 million (around $1.61 million) last year, according to media reports.

The taxpayer-backed institution, in which the UK government holds an 83 per cent stake, is said to be revealing its figures when it publishes its annual report on Thursday, the first pay report after the issue of a new code on remuneration from the UK regulator, the Financial Services Authority.

Analysts reportedly estimate that the total pay packet for senior executives and bankers at the group will be around £350 million. Those said to be included are so-called code workers, who take material risks for the bank on a regular basis, said reports.

The group revealed earlier this month that Stephen Hester, chief executive, received a total pay packet potentially worth up to £7.7 million for 2010, which consisted of £1.2 million in salary, a £2 million bonus and £4.5 million of shares.