French PM: bank bonuses must fall

FRENCH Prime Minister Francois Fillon yesterday urged the nation’s banks to show restraint in paying out dividends to shareholders and called for any bonuses based on 2011 results to be “significantly lower”.

Fillon, speaking after a meeting with leading banks, also said the lenders confirmed they would not need state capital injections to bolster core Tier 1 capital ratio to the nine per cent target called for by the EU to confront the sovereign debt crisis.