For compressing a video signal, a local multiscale transform is applied to a frame of the video signal to obtain coefficient blocks. The coefficients of each block are distributed into a plurality of coefficient groups, and for at least one of the groups, a common exponent is determined for encoding the coefficients of the group, and respective mantissas are determined for quantizing the coefficients of the group in combination with the common exponent. Coding data including each exponent determined for a coefficient group and the mantissas quantizing the coefficients of the group in combination with this exponent are stored in an external frame buffer.