THE EU’S new rules restricting bank bonuses might not be enough to limit risky behaviour, the bloc’s financial services chief Michel Barnier said yesterday.
The French commissioner warned an industry gathering yesterday that the EU “will look into current measures on remuneration and we will look into whether or not it is enough”, alongside examining whether the current rules are being followed properly.
European rules dictating that at least half of bank bonuses must be deferred for three years, plus limits on cash awards, were introduced in January, and are already seen as the toughest bonus curbs in the world.
“Remuneration, bonuses – these are the things that are shocking for people who find it difficult to get to the month’s end,” he said. “Banks are part of European society. They should take this into account.”