Company to manage taxpayers' shares

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The holding company will be responsible for getting value for money on the £37 billion pumped into Royal Bank of Scotland, HBOS and Lloyds TSB. It will also be charged with making sure banks continue lending to homeowners and small businesses and that public money is not used to pay for unjustified bonuses.

The Chancellor said the company, UK Financial Investments Limited (UKFI), would "probably" also take care of the Treasury's investments in Northern Rock and Bradford & Bingley.

The first chairman of UKFI will be Sir Philip Hampton, the chairman of J Sainsbury and former group finance director of Lloyds TSB. Its chief executive will be civil servant John Kingman, second permanent secretary at the Treasury.

Mr Darling announced the company during an appearance before the House of Commons Treasury Select Committee.

He made clear that he expected restraint in the payment of bonuses next year should be demonstrated across the banking sector - not just those taking taxpayers' money.

"We don't actually expect many bonuses to be paid at all in the banking sector next year," he told MPs on the committee.