Royal Bank of Scotland boss Ross McEwan has admitted that bonuses were a "highly emotional issue", but avoided questions on whether sums could be clawed back from those who underestimated the difficulties.
I understand it is a highly emotional issue to see bonuses paid in which we are still losing money.
The issue for me as a pragmatic executive is that I need to be able to pay what it takes to actually get people to do the job for us.
When you look at RBS, we of all banks have been the one who have been pulling the pay and bonus structures down, but I do need to be in the market to get people to do these jobs.
But he warned that his best staff were constantly being "tapped on the shoulder" by other institutions.
He said: "We do see the turnover of good people and I have got to say they are in demand."
Mr McEwan insisted that "no decisions" had been taken over whether the bank would pay packages that would breach the EU's cap on bonuses of 200% of salary.
More top news
A man has been jailed for four years after he was cleared of having sex with a Shetland pony but convicted of outraging public decency.
Arguably the most striking of the IFS's conclusions is that over the last six years the wealthiest 10% have suffered the largest pay cuts.
It's still pretty wintry out there although the air over the next 12 or so hours will be fractionally less cold than it has been recently.