Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-16-Speech-2-024-000"
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"en.20130416.4.2-024-000"2
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"Mr President, I too want to congratulate Mr Karas and the negotiating team. In 2010 I worked with Mr Karas to put in place rules to ensure that bonuses were deferred and could be clawed back and that up-front cash bonuses were limited. The banks were then asked to introduce a ratio between fixed salary and bonus elements. It is the failure of the banks to self-regulate on bonuses or to exercise restraint that has now resulted in a bonus cap with a one-to-one, one-to-two salary-to-bonus ratio.
I hope that these rules will put an end to an unsustainable banking model whereby the UK-based bank RBS – which is 84% taxpayer-owned – has suffered GBP 5.2 billion losses and paid GBP 1.1 billion in fines for mis-selling and GBP 390 million in fines for LIBOR-fixing yet still paid GBP 600 million in bonuses in 2012.
What a shame that the UK Government – and George Osbourne and Boris Johnson in particular – have sought to defend this broken banking culture by acting as trade union representatives for a minority of highly-paid traders.
This broken culture is rejected by the public. In 2010, 76% of the people surveyed supported a cap on bonuses and higher financial regulation. And, at a time when a Barclays trader can still earn GBP 236 000 basic salary and a total take-home package of GBP 708 000 – not a big cut effectively – 230 000 people in my constituency are going to be accessing food banks.
It is time for fairness; it is time for change; it is time for us to respond to the public."@en1
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