The French government has agreed to provide a further €10.5 billion ($13.6 billion) in aid to the country’s biggest lenders in exchange for their top executives giving up their bonuses, according to media reports.

President Nicolas Sarkozy has been reiterating that banks should not pay bonuses to management or dividends to shareholders. Credit Agricole and Societe Generale have agreed not to pay bonuses to their chairmen and chief executives; BNP Paribas made a similar announcement last week.

The French finance minister Christine Lagarde said the state wants banks to use the extra funds to build shareholder equity, but that the more profitable banks may still pay a dividend.