Multiple description coding has been recently proposed for images and video transmission in packet erasure channels because of its good loss recovery capability. In this paper, we consider the problem of bit allocation and quantization optimization for frame based multiple description coding schemes obtained by means of an oversampled filterbank. We generalize the well known solution of orthogonal filterbanks, where the same quantizer should be used in each channel, to the case of oversampled filterbanks with coefficient losses. The resulting design procedure can be used to adaptively adjust the quantizers to the channel conditions. We show that the proposed approach is beneficial by means of experiments with images and video.