"The banking industry recognises the concerns that have been raised on bonuses and is already engaged with the regulator, the Financial Services Authority, on a comprehensive review of remuneration.
"The Chancellor said today that there is nothing wrong with bonuses which encourage success and that no-one would object to rewards for counter-staff and others on lower incomes.
"We have always said that shareholders - including the Government - also have a key role also in deciding remuneration.
"We will gladly engage with the Government on this further review. "
