Former Barclays chief executive Bob Diamond has given up a potential £20 million in bonuses and share awards, but will still walk away with up to £2 million.

The payout amounts to a year's salary and pension contribution.

Barclays chairman Marcus Agius told MPs that Mr Diamond had decided to voluntarily forgo the bonus and share entitlements after he quit as chief executive last week in the wake of the rate-rigging scandal, which resulted in the bank being fined £290 million.

Mr Agius said the board "welcomed" the move by Mr Diamond to forgo his long-term bonus incentives.

He added: "The board deeply regrets the circumstances that led to Bob resigning his positions at Barclays.

"Despite having no personal culpability, he recognises more than anyone the negative attention that they have generated and has taken characteristically strong action to address that.".