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Binding Rules On Pay, Bonuses Studied
Source: Agencies |
September 6, 2011, Tuesday
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Print Edition
THE European Banking Association is considering legally binding rules on bankers' pay and bonuses, its executive director said yesterday.
The EBA was last month tasked by the European Union to look into pay ratios as part of draft laws on capital and liquidity. It has until the end of 2013 to explore the issue.
"We might issue technical standards on remuneration" which would be legally binding, EBA executive director Adam Farkas said. "It is unlikely it would come before the end of this year," he said.
The rules would address bank remuneration in general, but would focus on bonuses, he said.
The EBA has been assessing the implementation of voluntary guidelines issued by its predecessor, the Committee of European Banking Supervisors.
The EBA was last month tasked by the European Union to look into pay ratios as part of draft laws on capital and liquidity. It has until the end of 2013 to explore the issue.
"We might issue technical standards on remuneration" which would be legally binding, EBA executive director Adam Farkas said. "It is unlikely it would come before the end of this year," he said.
The rules would address bank remuneration in general, but would focus on bonuses, he said.
The EBA has been assessing the implementation of voluntary guidelines issued by its predecessor, the Committee of European Banking Supervisors.
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