The investment banks managing the sale of the UK government's stake in Royal Bank of Scotland have collected a now-familiar token fee of £1 for their work, with one banker joking "I've already spent mine".

UK Financial Investments, the body responsible for managing the government's holdings in UK banks, last night began the selldown of its stake in RBS, offloading a 5.4% chunk at 330p per share and raising £2.1 billion.