But Bailed out RBS will still pay, despite Prescott campaign
Chancellor Alistair Darling is to impose pay restraints across large parts of the banking industry and has appointed former City watchdog Sir David Walker to carry out a review of banking.
But this will not stop bonus payments to RBS staff.
Former deputy prime minister John Prescott is using Facebook to call for a public campaign against a proposed £1bn bonus pay-out by RBS.
Meanwhile French banks have agreed to a code of ethics to curb traders' bonuses after President Sarkozy blamed them for driving the global economy to catastrophe.
The code will be submitted for approval to the French Government this week and is likely to come into force later this year.
French officials are pushing for other European countries to adopt similar measures.
