Downing Street Says » Bank Bonuses

» Monday, November 15, 2010

Bank Bonuses

Asked if the Prime Minister had expressed a view on bankers’ bonuses, the PMS replied that the Government’s position on pay was that we believed that pay should reflect and reward long-term value creation and not short-term risk taking. There were FSA rules in place to that effect.

Put that the Prime Minister would not be bothered by the size of bonuses, as long as they rewarded long-term value creation, the PMS said it was not for Government to set pay for individual bankers and the pay policies of individual institutions were a matter for those institutions and their boards. The PMS added that the Government’s position was that pay policy should reward long-term value creation and the FSA rules were designed to ensure that this was the case.

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