* Bonuses likely high on politicians' agenda
* Britain sitting on paper loss of 9 bln stg in RBS, Lloyds
LONDON, Jan 27 (Reuters) - The four men in charge of Britain's 67 billion pound ($106 billion) stake in banks face a grilling from UK lawmakers on bankers' bonuses, lending plans and when the taxpayer can expect money back.
Executives from UK Financial Investments (UKFI), the body that controls Britain's stakes in Royal Bank of Scotland and Lloyds Banking Group, will on Thursday face a cross-party group of politicians probing industry competition.
How much influence UKFI has over the part-nationalised banks, and how much bankers and executives at those lenders can expect to be paid for 2010, are likely to be high on the agenda.
Robin Budenberg, chief executive of UKFI, will be aiming to avoid the uncomfortable appearance his predecessor in the role had two years ago in front of the Treasury Select Committee.
John Kingman, who stepped down in July 2009, was slammed by the committee for failing to know details of executive pay.
Pay remains a hot topic in Britain amid public anger at lucrative awards soon after taxpayer bailouts.
UKFI executives last year told lawmakers they were "walking a tightrope" in attempting to limit bonuses while trying to keep talented staff. This year, UKFI is unable to veto payouts.
The body is tasked with recouping government investment in the banks while maintaining financial stability and promoting competition. Britain is sitting on a paper loss of some 9 billion pounds on its stakes in RBS and Lloyds, as shares in both are below the buy-in price.
UKFI is not expected to sell the stakes until they are in profit, and not before an independent commission has released its report -- due in September -- on whether banks should be broken up or weakened to improve competition.
UKFI last week kicked off the sale process for Northern Rock, the retail bank it fully owns and which almost collapsed at the start of the financial crisis in 2007.
Former UBS banker Budenberg joined UKFI in July. He was involved in October 2008's bank rescue that left the government with an 83 percent stake in RBS and 41 percent of Lloyds.
He will be flanked by David Cooksey, UKFI chairman; Keith Morgan, head of wholly owned investments; and former Bank of America Merrill Lynch banker Jim O'Neil, who as head of market investments will sell the RBS and Lloyds stakes.
The session is due to start at 1015 GMT.
($1=.6324 Pound)
(Reporting by Steve Slater; Editing by David Hulmes)