EU bank agrees bankers’ bonus curbs

The Pak Banker - - Company& -

LONDON: Euro­pean Union bank­ing su­per­vi­sors agreed on fi­nal­ized manda­tory guide­lines for award­ing bank bonuses say­ing key re­quire­ments can be "neu­tral­ized" for less risky firms and staff.

The Com­mit­tee of Euro­pean Bank­ing Su­per­vi­sors (CEBS) alarmed banks in Oc­to­ber when it pub­lished the guide­lines in draft form, as they went be­yond what world lead­ers at the Group of 20 coun­tries agreed.

"CEBS has con­sid­ered the feed­back re­ceived and has re­vised its ini­tial pro­posal in or­der to ad­dress the main is­sues and con­cerns raised, namely those re­lated to pro­por­tion­al­ity, eq­uity-linked and other in­stru­ments as part of vari­able re­mu­ner­a­tion, dis­tri­bu­tion of such in­stru­ments and re­ten­tion pe­ri­ods," the com­mit­tee said in a state­ment. The guide­lines, which ap­ply from Jan­uary 2011 and will cover the 2010 bonus round. -PB News

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