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A large (and not entirely unexpected) payday for John Paulson’s European arm.

Four members of Paulson Europe LLP shared 50.8 mln stg for the year to March ’09, up from 37.1 mln stg the previous year, company accounts show.

The highest paid member was likely to be John Paulson’s own company, Paulson Limited. But a tidy 22.2 mln stg was nevertheless divided between fellow members Nikolai Petchenikov, Harry St. John Cooper and Mina Gerowin Herrmann.

The payouts (not subject to the banker bonus supertax) are hardly surprising — Paulson has been one of the big winners out of the credit crisis, earning a reported $3.7 bln in 2007 (according to Alpha Magazine) betting on the subprime meltdown and then reaping huge gains in 2008 betting on the broader crisis.

Those hoping to emulate a small amount of this success may be interested to know that his $33 bln hedge fund is now bullishly positioned with long positions in both fixed income and U.S. and European stocks, while he has also been buying the debt of distressed and bankrupt companies.

(See also John Paulson gains Buffett’s Midas touch)