Downing Street Says » Bankers’ Bonuses

» Wednesday, January 12, 2011

Bankers’ Bonuses

Asked what the Prime Minister thought about Eric Daniels getting a 2m bonus, the PMS replied that it was his understanding that neither the Treasury, or the UKFI on their behalf had received any proposals form Lloyds and therefore this seemed to be speculation.

When asked if it would be acceptable, the PMS said that there was a process which involved UKFI speaking to Lloyds and to RBS and as of earlier today they had not received any proposals.

Put that the Prime Minister had said that he expected the bonus pool to be smaller than last year, rather than any one individual being given a smaller amount, the PMS said that we would not be setting out in advance of the conversation with UKFI where that conversation should end up.

Asked if the Prime Minister got the impression that the banks were listening to his calls for restraint, the PMS replied that he was sure the banks had heard what had been said in recent days by the Prime Minister and the Chancellor.

Put that there seemed to be some indication that the laws on bonuses would be changed or tightened up, the PMS said that the point the Chancellor and the Prime Minister had been making was that FSA rules were intended to limit the number of guaranteed bonuses, so bonuses should be contingent on someone’s performance and where possible they should be paid in shares and subject to claw-back.

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