S&D MEPs welcome the end of ‚crazy‘ bonuses for bankers
Bonuses for bankers will be capped in 2014 after a final deal was struck last night between the European Parliament’s negotiators and the Irish presidency of the EU Council on the Capital Requirements Directive for banks and bankers‘ bonuses (CRD IV and the ‚Basel III‘ rules).
The agreement reached on 27 February was confirmed, despite a last minute attempt by the EU Council to water down the provisions on bonuses.
Said S&D Group leader Hannes Swoboda and S&D negotiator Udo Bullmann following yesterday’s meeting:
„The European Parliament has resisted pressure from the British government and has not accepted more changes to caps on bonuses. Despite fierce resistance from national capitals and the financial industry, Europe will be fairer in 2014.
„Starting in 2014, bankers‘ bonuses will be capped at a maximum of twice their base salaries.
„We believe that a cap on bankers‘ bonuses will help end the culture of irresponsible risk-taking in the banking sector that led us to the collapse of Lehman Brothers in 2008.“