EU curbs bankers pay by legislation

[Suff]

Great, it'll only impact the UK, good on them.

Now let's get to EU pay. We need them to take a 50% pay cut, no "attendance allowance", expenses cut to no more than 100% of pay and only when approved by 100% of the voters....

That'll do for starters.

Think I'll get it through????? They haven't even implemented the Belgian smoking ban in the institutions in Brussels. Because they like to smoke in their offices.......

A very "Socialist" institution the EU....

[Workingman]

Oh dear! My heart bleeds purple p1ss.

Poor bankers, they will have their bonuses capped at 1 x annual pay.

The provisional agreement.... means bankers face an automatic bonus cap set at a par with their salaries.

That can be raised to twice their pay packet only if a majority of the bank's shareholders vote in favour.

The rules will apply to all banks - American, Asian, Russian or European - based in Europe, and to units of European banks located abroad, so a Deutsche Bank employee working in New York or Tokyo would be subject to the same limits.

Equally, a Goldman Sachs banker in London, Frankfurt or anywhere else in the European Union would be covered.

"There will be no exceptions," said Othmar Karas, the Austrian lawmaker who helped negotiate the deal. "It goes for all banks inside and outside the European Union and for all foreign banks inside the European Union."

The cap has been somewhat softened by provisions for adjusting the value of long-term non-cash payments to bankers, so that more bonuses can be paid out over time without breaking through the new ceiling.

And when the G20 group introduces Basel III, later in 2014, the banks will have to have concrete capital assets ring-fenced against the spivs.

A toast to the EU and G20.

[Suff]

Basel III may be good but interfering in the workings of businesses at the pay and bonus level is not.

All this means is that base level salaries will rise exponentially, performance or not. One the salaries have risen they will be paid, every year, whether the bank performs or not.

This is not a good thing and will drive business away from the city.

Expect Cameron to have hard words or even a veto on this. It's not yet finalised but the press have hailed it as a done deal.... The rest of the EU don't care, they don't have a large enough market (except in London), to be impacted.....