PRESSURE IS set to mount on leading RBS executives, including Irishman John Hourican, to waive multimillion pound bonuses.

This follows the reluctant decision of the bank’s chief, Stephen Hester, not to take a £1 million share bonus in the face of a political furore.

Mr Hourican, who was hand-picked by Mr Hester to head up RBS’s investment banking division and clear up tens of billions of poor-quality loans, is in line for a £4 million-plus bonus next month, if it is signed off by the bank’s board.

He was awarded £29 million in shares and options in the bank shortly after he joined, which can be cashed in this year if the board’s remuneration committee verifies that he has met targets agreed between the treasury and the bank.

Meanwhile, 10 Downing Street has insisted that it will not issue diktats to the RBS board about bonuses due to, or expected by, executives, although it is privately thankful that Mr Hester backed down in the face of public anger.

For now, Downing Street is desperately seeking to buy time to get it beyond bankers’ bonus season, which will be particularly fraught this year given the way in which austerity has begun to bite in Britain in recent months.

Earlier foreign secretary William Hague hinted that the government might impose extra curbs on privately owned banks. “I don’t think we should rule out doing more . . . if we need to do more, we will do.”

Up to now, Mr Hourican has refused to make public comment about his bonus, although some media organisations have reported “friends” reflecting his deep anger that his pay has become a matter of public focus.

An RBS spokesman said yesterday that the board’s remuneration committee would meet in coming weeks. A decision on pay packages for executives other than Mr Hester is expected to be announced before the bank’s results are announced at the end of February.

Fresh from claiming Mr Hester’s scalp, Labour leader Ed Miliband is expected to go ahead with his early February House of Commons debate on bankers’ pay, which allegedly played an influential role in Mr Hester’s decision to waive the bonus.

Now, however, the principal targets could become Mr Hourican and other RBS executives. Bob Diamond, chief executive of Barclays – which never took British government support during the financial crisis – is expected to get up to £10 million this year and could also be a target in the debate.

“This debate is about more than Stephen Hester,” a Labour spokesman said. “It is time for the Conservatives and Liberal Democrats to show they are serious about tackling the bonus culture by supporting our plan to repeat the bank bonus tax.”

The banks, who helped to create the financial crisis, must now help return the economy to growth, the Labour spokesman added.

“We need a bonus tax, we need to give employees a say on top pay in every company and we need to change the rules and culture so that bonuses are awarded for exceptional performance rather than what you get for doing your job.”