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Loan protection: EU regulators back banker bonus cap

A cap on banker bonuses moved a step closer after European Union regulators gave their backing to new draft rulings.

Yesterday (October 7th), the Committee of European Banking Supervisors (CEBS) passed proposals which would limit cash bonuses awarded to bank staff to 30 per cent.

The regulations have already been backed by the European Parliament and will soon be discussed by the European Union.

Jon Terry, a partner at PricewaterhouseCoopers, claimed that the move could lead to banks moving out of the EU to avoid the proposed regulations.

"Unfortunately this deviation from global trends in banking remuneration could make it more likely that banks move operations, or at least expand, outside of the European Union," he said.

Should the proposals be passed into law, they would also limit the cash bonuses awarded through large payouts to 20 per cent.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800107570-ADNFCR



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