City minister Myners tells bank heads to waive bonuses

By Philip Aldrick, Banking Editor Published: 9:53PM GMT twenty-four February 2010

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His comments follow the decisions by Barclays" John Varley and Bob Diamond, Royal Bank of Scotland"s Stephen Hester and Lloyds Banking Group"s Eric Daniels to abandon any annual opening endowment this year.

Speaking in the House of Lords on Wednesday, Lord Myners, a outspoken censor of bonuses, said: "I praise those bankers who have volunteered to relinquish their reward grants.

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"I think the responsibility will right away tumble on Mr Stephen Green of HSBC and Mr Peter Sands of Standard Chartered to see either they interpretation that they should relinquish any reward desert that they competence be granted."

Mr Green, who is on a �1.25m salary, will not embrace a reward as he was the initial to relinquish his annual desert on an ongoing basement after the monetary predicament struck in 2007. However, Michael Geoghegan, HSBC arch executive, is authorised for a �4.3m payout.

Mr Sands was the usually UK bank arch senior manager to pull a reward last year, of $2.6m (�1.7m), on tip of his $1.56m salary. He is entitled to a limit $3.9m annual award.

Barclays" preference last week, to one side jot down profits, held opposition banks off ensure and reframed the discuss on senior manager pay. HSBC and Standard Chartered, similar to Barclays, have not taken taxpayer money.