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Bank loan: French bankers oppose EU bonus rulings

Officials from two of France's biggest banks have launched a stern attack on the proposed restrictions on bonuses.

The European Union has drawn up plans to limit the amount of funds a bank employee can receive in cash up-front, with the remaining part of the remuneration package then based on performance.

Officials hope the new regulations will deter banks from compensation packages which encourage risk and contributed to the financial crisis.

However, firms have voiced their concern that this may result in top-performing employees leaving European-based banks to work overseas.

Credit Agricole executive Jerome Brunel and BNP Paribas' Guylaine Dyevre both expressed their disdain for the legislation at a public hearing in London.

Mr Brunel claimed he was "very frightened" by the draft bonus rules, while Mr Dyerve echoed these concerns.

The new regulations are due to come into effect on January 1st 2011.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800207536-ADNFCR

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