"At a time of austerity when an awful lot of people are faced with a very difficult future, people in the banking community are going to be walking away with outrageously large sums despite the fact that that sector caused the crisis that caused the hardship," he said. "If there are unacceptable bonuses, the Government has an obligation to intervene. [There must be] a deterrent to banks which are preparing to undertake unacceptable bonuses."