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Rehn says EU's bank bonus cap in line with commitments
February 28, 2013 / 3:28 PM / 5 years ago

Rehn says EU's bank bonus cap in line with commitments

LONDON (Reuters) - EU Economic and Monetary Affairs Commissioner Olli Rehn said on Thursday that new EU caps on bankers’ bonuses abided by the bloc’s international commitments.

European Economic and Monetary Affairs Commissioner Olli Rehn speaks during a conference entitled "Prospects for Revival in the euro zone – and what place for Britain in Europe", in London February 28, 2013. REUTERS/Stefan Wermuth

Bankers in Europe could be barred from receiving bonuses equal to more than their base salaries as soon as next year, following agreement in Brussels on Thursday. Shareholders would be allowed to vote to raise the cap to double base pay, but no higher.

Asked in a question-and-answer session about the bonus rules, he said that “they are fully in line with our international commitments.”

“We are now working on legislation and we do it in line with international guidelines,” Rehn said after a speech at an event organised by think-tank Policy Network. “We do not believe this will lead to any erosion of the (influence of the) City of London.”

Reporting by Marc Jones

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