Correspondent, Brussels
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Mar 4, 2013

UK will find EU bank bonus cap hard to lift

BRUSSELS, March 4 (Reuters) – Some of the lawmakers who
achieved a European Union cap on bank bonuses wanted to
celebrate the deal with champagne, such was the symbolism of
tackling what they see as a root cause of the financial crisis.

In the end there was no toast to mark the agreement in the
early hours of Feb 28, partly out of sensitivity towards London
which sees in the new measures a threat to its place as a global
financial centre.

Feb 28, 2013

EU’s Barnier: banker bonus curb good for Britain

BRUSSELS (Reuters) – Britain should welcome a cap on bankers’ bonuses agreed by European Union lawmakers on Thursday as a fair response to taxpayers’ anger over the huge cost of rescuing imprudent banks, Europe’s top financial regulator said.

EU Internal Market Commissioner Michel Barnier said he did not believe the curbs would drive banks out of the City of London, Europe’s biggest financial centre, to less regulated markets outside the European Union such as Switzerland or Singapore.

Feb 28, 2013

EU clinches deal to cap bankers’ bonuses

BRUSSELS (Reuters) – Bankers in Europe face a cap on bonuses as early as next year, following agreement in Brussels on Thursday to introduce what would be the world’s strictest pay curbs, in a move politicians hope will address public anger at financial-sector greed.

The provisional agreement, announced by diplomats and officials after late-night talks between EU country representatives and the bloc’s parliament, means bankers face an automatic bonus cap set at a par with their salaries.

Feb 28, 2013

EU strikes deal to cap banker bonuses

BRUSSELS, Feb 28 (Reuters) – Bankers in Europe face a cap on
bonuses as early as next year, following agreement in Brussels
on Thursday to introduce strict new curbs, in a move politicians
hope will address public anger at financial sector greed.

The agreement, announced by diplomats and officials after
late-night talks between EU country representatives and the
bloc’s parliament, mean bankers face an automatic cap on bonus
payouts at the level of their salary.

Feb 27, 2013

Britain seeks to water down EU cap on banker bonuses

BRUSSELS, Feb 27 (Reuters) – Britain was fighting on
Wednesday to water down EU legislation to cap banker bonuses as
Brussels edged towards agreement on pay curbs officials hope
will address public anger at financial sector greed.

Limits to bankers’ pay are popular on a continent struggling
to emerge from the ruins of a 2008 financial crisis. Lavish
bonuses are blamed for encouraging bankers to take excessive
risks, destabilising banks that then needed to be bailed out.

Feb 27, 2013

EU moves closer to imposing caps on banker bonuses

BRUSSELS/LONDON, Feb 27 (Reuters) – The European parliament
and EU states could agree on Wednesday to impose caps on
bankers’ bonuses, a measure that would channel public fury at
financial sector greed, but which opponents say marks a reckless
overreach by Brussels into private pay deals.

Negotiations to introduce a cap on bankers’ bonuses in the
European Union resume on Wednesday, a week after European
lawmakers and ambassadors from countries failed to reach a deal.
A majority of states in the 27-member bloc would have to support
a measure passed by the European parliament to make it law.

Feb 19, 2013

EU talks to cap bankers’ bonuses stall

BRUSSELS (Reuters) – Negotiations to introduce a cap on bankers’ bonuses in the European Union stalled on Tuesday, after EU countries and the bloc’s parliament clashed over how far to go in curbing pay for the industry’s top earners.

The talks, described as tense by one person present, with some in the room “doing a lot of yelling”, resume next week.

Feb 19, 2013

Bankers could pocket more pay from EU bonus cap

BRUSSELS, Feb 19 (Reuters) – European Union lawmakers and
member states are close to agreeing the world’s toughest curbs
on bank bonuses on Tuesday, in the face of warnings from bankers
that the crackdown would backfire and land them bigger basic pay
packets.

Representatives from European Union states and the European
Parliament are set to push ahead with their plans to cap
bankers’ bonuses at no more than their annual salary after
Britain, home to the region’s biggest financial hub, failed to
block the proposal after months of wrangling.

Feb 11, 2013

EU countries consider reforms to cap banker bonuses

BRUSSELS, Feb 11 (Reuters) – Bankers’ bonuses could be
capped under plans examined by EU countries this week, as
politicians attempt to placate public anger and tighten controls
over an industry blamed for its role in a global financial
crisis.

The proposals, part of a drive to implement so-called Basel
III rules aimed at preventing a repeat of the 2007-09 crisis,
would cap banker bonuses at the level of their salaries to stop
huge payouts from encouraging excessive risk-taking.

Feb 8, 2013

Cracks appear in European banking union scheme

BRUSSELS/ FRANKFURT (Reuters) – It was billed as a reform that would tighten policing of Europe’s banks and end their ability to suck states into crisis. Now fears are growing that a central element of banking union will be scaled back, undermining the whole scheme.

When it takes the role of watchdog for euro zone banks in March next year, the European Central Bank will be confronted with a financial system that is still limping. In some countries, such as Cyprus and Spain, it is in critical condition.

    • About John

      "I am a Reuters correspondent in Brussels, writing about the European Union. I moved here last year from Germany, where I had reported about the financial crisis, turning up numerous scoops and even winning a prestigious business reporting award. Beforehand, I worked with The Sunday Times in London."
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