In this correspondence, we propose a coding scheme that exploits the redundancy of the multiresolution representation of images, in that blocks in one subimage are predicted from blocks of the adjacent lower resolution subimage with the same orientation. The pool of blocks used for prediction of a given subband plays the role of a codebook that is built from vectors of coefficients inside the subband decomposition itself. Whenever the prediction procedure does not give satisfactory results with respect to a target quality, the block coefficients are quantized using a geometric vector quantizer for a Laplacian source.