The real question over Barclays bonuses

On one level this could be presented as them setting an example of restraint, but it had the wider effect of bringing into focus the policy to be followed this week by Stephen Hester, the head of Royal Bank of Scotland, and Eric Daniels, the Lloyds chief executive, both of which are substantially owned by the Government.

Such has been the attention on the banks still to report it took the spotlight off Barclays's own performance — a pattern that continues today with the news Hester is to waive his bonus too.

There has, however, been vigorous debate among bloggers, most of whom appear to work in other investment banks and who think Barclays's performance was very average.

Indeed, one pointed out that shareholders could have made more money had they deposited the assets deployed by Barclays in something as mundane as the Ipswich building society, so low was the return made by the bank.

Now, of course, all the focus is on whether Lloyds' Eric Daniels should take his bonus. But the real question is why anyone at Barclays should.