Stephen Hester is entitled to feel hard done by. If any European bank chief deserved a bonus this year, it was the boss of the Royal Bank of Scotland Group.

Unlike Eric Daniels-to whom the Lloyds Banking Group board was inexplicably planning to hand a £2.6 million ($3.5 million) bonus until Mr. Daniels was shamed into rejecting it-Mr. Hester wasn't the author of his bank's misfortunes. He was brought in to revive the 84% state-controlled bank after taxpayers were forced to pump in £45 billion to rescue it, and judging by RBS's lower-than-expected £3.6 billion loss in 2009, he is succeeding. Bowing to political pressure by refusing his bonus was a worthy act of self-sacrifice.