NatWest Group said on Wednesday that its former chief executive Alison Rose will continue to receive her fixed pay package of roughly £2.4 million while serving her 12-month notice period.

NatWest said Rose will continue to receive her salary of £1.155 million, her fixed share allowance of £1.155 million, and a pension allowance of 10% of salary.

However the banking group, formerly called RBS, warned that Rose’s notice period and the payments she will continue to receive for the notice period “will be reviewed on a continuing basis.”

Rose was ousted by the UK government in July after her “regrettable error of judgement” in discussing with BBC journalist Simon Jack the relationship of its private bank Coutts with former Brexit party leader Nigel Farage.

NatWest is still 38.6% owned by the UK government and taxpayer following its £45.5 billion bailout during the last financial crisis.

The banking group said “malus and clawback provisions will continue to apply to Ms Rose” and that “under these provisions Ms Rose’s share awards can be adjusted down where considered appropriate.”

NatWest added: “Ms Rose’s notice period and the payments she will continue to receive for the notice period will be reviewed on a continuing basis, having regard to the internal and external investigations relating to the account closure arrangements at Coutts and associated events …

“No decisions have been made in respect of Ms Rose’s share awards or any other remuneration matters.

“The treatment of such awards will be determined in accordance with the terms of our relevant share plan rules and policies.

“Decisions on these awards, along with any decisions regarding other remuneration matters, will be made taking into account the findings of the investigations, as appropriate.

“As per our approved policy, malus and clawback provisions will continue to apply to Ms Rose. Under these provisions Ms Rose’s share awards can be adjusted down where considered appropriate.”

NatWest also said Paul Thwaite, who has been appointed chief executive for an initial period of 12 months subject to regulatory approval, will receive annualised fixed pay consisting of salary of £1.05 million, a fixed share allowance of £1.05 million, and “pension funding.”

“For the group chief executive role, Mr Thwaite will also be eligible to be considered for an annual bonus up to a maximum value of 100% of salary and a Restricted Share Plan (RSP) award up to a maximum value of 150% of salary for each performance year in line with the terms of our approved policy,” said NatWest.

“The annual bonus and RSP award for 2023 in respect of his group chief executive role will be pro-rated to reflect the time spent by him in the group chief executive role during 2023.

“He will also be eligible to receive variable pay awards for his previous role as CEO of the Commercial and Institutional business.”