Outrage over £6m windfall for RBS chiefs despite bank's £390m fine for Libor scandal Five senior executives in line for multi-million pound payout Ellen Alemany, US boss, to receive largest jackpot of £2.1million Critics condemn rewards at state-backed bank as 'wrong' By Ruth Sunderland Bonus: Ellen Alemany is among five senior executives set to receive a multi-million pound share windfall from state-backed the Royal Bank of Scotland Five senior executives at Royal Bank of Scotland are in line for a multi-million pound share windfall in May. The payout - which is likely to be around £6 million - will reignite the row over rewards at the state-backed bank following its £390m fine for rigging Libor interest rates. The jackpots will come from long term incentive schemes that were awarded in 2010 and are due to bear fruit in mid-May. In addition to sharing in a total of £6m worth of shares, the five are expected to receive an annual bonus for last year as well as their six or seven figure "basic" salaries. Lord Oakeshott, the Lib Dem peer, said: "We put £45bn into RBS to get it lending again but it is still failing in its core purpose of lending to British business and it single handedly stopping the economy growing. Most long suffering taxpayers will find it quite wrong to see top RBS bankers collecting £1m plus bonuses when RBS is still failing to lend and failing the nation. The latest controversy comes hard on the heels of recent criticism heaped on chief executive Stephen Hester over a £780,000 delayed bonus award from 2010 that he is due to pocket next month. RBS has pledged to reduce its pay, bonus and incentive pot by £300m in order to cover the costs of its Libor-rigging fine so that British taxpayers are not forced to pick up the tab for its misdeeds. It said it will also claw back bonuses paid in the past. But this will not include Hester's deferred bonus and nor has it derailed plans to make the lavish share awards to the five executives in his top team. Ellen Alemany, who runs the bank's US operations, stands to receive the largest windfall of around £2.1m from two share awards granted in 2010 under long term incentive schemes. Nathan Bostock, who is in charge of dealing with the bank's toxic loans, will bag shares worth £1.2m. Chief executive Stephen Hester is due to receive a £780,000 delayed bonus from 2010 next month Paul Geddes, now in charge of the RBS's Direct Line insurance operation, stands to receive shares worth £800,000 while business banking supremo Chris Sullivan will be awarded up to £900,000 worth. Ron Teerlink, the group administrative officer who has announced he is leaving the bank, will get shares valued at £1m. Hester could in theory be awarded shares under the same long-term incentive plan. However, he is extremely unlikely to get any as he has not hit his targets for improving the bank's share price and its financial performance. Finance director Bruce van Saun is also thought to have failed these performance hurdles so will get no shares under these awards. The other five are in line for their shares because they had different targets from their bosses. RBS declined to comment but it is understood decisions are yet to be made on the exact number of shares that will be showered on the five executives. The bank's chairman Sir Philip Hampton provoked outrage last week by telling the parliamentary banking commission that Hester's pay was "relatively modest." Hester has agreed to give up his bonus annual bonus for 2012 because of the Libor-rigging and the IT meltdown that caused havoc with millions of customers" current accounts. The latest largesse to RBS executives comes amid speculation over the Government's plans for its 82pc stake, currently worth around £13bn less than taxpayers were forced to shell out to buy it. Options include a giveaway by Chancellor George Osborne of free shares worth up to £400 for every taxpayer.