Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-904"
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"en.20100707.23.3-904"2
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"The new rules on bank bonuses adopted by the European Parliament ought to put an end to the policies for awarding incentives in this system, even including when excessive risks are taken.
I welcome these measures two years after the financial crisis started, during which time the bonus culture has had serious adverse consequences on the global economy, with every taxpayer in Europe now having to pay. The banking system could be quick to accuse the European Union of interfering in its own policies. However, all the EU is doing is protecting taxpayers at a time when the banking system has taken care of its own interests on many occasions, ignoring those of the consumers. Changing the thinking behind awarding bonuses in the banking system, based on an assessment of banks’ long-term rather than short-term earnings, will partially protect Europe from economic shocks.
In addition, every banking institution must behave responsibly and accept that there must be an appropriate correlation between fixed pay and the value of bonuses.
I welcome the fact that Parliament has also decided that there needs to be a fair correlation between bonuses and pensions policy. It is normal for bankers to receive a pension which is commensurate with the results achieved by the financial institution they managed."@en1
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