EU plan to cap bankers’ bonuses

EU regulators yesterday confirmed they will cap bonuses of bankers earning more than €500,000 (£426,000) a year and added other conditions to make the pay ceiling harder to smash.

The headline figure was leaked last Friday, triggering warnings by banks in the European Union they may lose staff to other parts of the world, and that London, the bloc’s top financial centre, could be damaged.

Accounting firm PwC predicted that up to 10 times the number of bankers in London will be hit compared with current pay curbs.

The European Banking Authority (EBA) said the purpose of the draft rules, out for public consultation until August 21, was to have a common pan-EU definition for national regulators to decide which bankers will come within the pay curb net.

The EBA is writing a new EU law that includes the bonus cap, which lawmakers say is needed to crack down on excessive risk-taking at banks. The cap will hit bonuses awarded for 2014 and due to be handed out in early 2015. infection within 30 minutes,” said Dr Reboud.

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