» Thursday, October 15, 2009
Bonuses
Asked what sanctions there would be for banks that did not follow the agreements on bonuses established at the G20, the PMS said that the sanctions existed through the Financial Services Authority. Lord Myners had yesterday met a number of investment banks based in the UK and they had agreed to sign up to the same provisions as the UK banks. The Prime Minister had made clear that the old culture of paying cash bonuses on a guaranteed basis with no claw back should be left in the past. The Walker review would be published soon also and we would see further provisions in that.
Put that the rules on bonuses established at the G20 had been ignored, the PMS said that the Prime Minister would wish for banks to abide by the rules immediately but the structure being put in place was related to bonuses paid in 2010.
Put that that meant banks this year would not have to abide by the new regime, the PMS said that it was up to the individual banks to decide their response to the agreement established yesterday with Lord Myners.
Briefing took place at 11:00 | Search for related news
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