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| End to 'bank bonus party' agreed | End to 'bank bonus party' agreed |
| (10 minutes later) | |
| European finance ministers say they have agreed to push governments to end the excessive bank bonus culture. | European finance ministers say they have agreed to push governments to end the excessive bank bonus culture. |
| The issue will be discussed by G20 finance ministers this weekend and will also feature in the full G20 meeting in Pittsburgh later this month. | The issue will be discussed by G20 finance ministers this weekend and will also feature in the full G20 meeting in Pittsburgh later this month. |
| The UK opposes curbs on bonuses, with Prime Minister Gordon Brown preferring payouts based on long-term success. | |
| Meanwhile, Chancellor Alistair Darling has called on G20 nations to continue spending to encourage global growth. | |
| Germany and France want the G20 nations to discuss "exit strategies" from the measures employed to stimulate their economies. | |
| But Mr Darling told the Independent newspaper. "My view is that the biggest single risk to recovery is that people think the job is done. There is a real risk that either governments or people generally think 'We have done that, we are on the path to recovery'." | |
| Status protection | Status protection |
| Observers say the issue of bonuses is not one on which consensus will be easily reached. | |
| France is proposing a series of mandatory caps on bonuses - which the head of the Eurogroup of eurozone finance ministers, Luxembourg's Jean-Claude Juncker, said he "totally supported". | France is proposing a series of mandatory caps on bonuses - which the head of the Eurogroup of eurozone finance ministers, Luxembourg's Jean-Claude Juncker, said he "totally supported". |
| However, it has been acknowledged that the UK must be persuaded to give its support if French President Nicolas Sarkozy's desire to push through strong G20 regulation on the issue is to succeed in Pittsburgh. | However, it has been acknowledged that the UK must be persuaded to give its support if French President Nicolas Sarkozy's desire to push through strong G20 regulation on the issue is to succeed in Pittsburgh. |
| The bankers are partying like it's 1999, and it's 2009 Anders BorgSwedish Finance Minister | |
| Gordon Brown is not in favour of the French proposals. Earlier this week, he told the Financial Times that, while he accepted the City had "overheated", said. it was important to protect London's status as a world financial hub. | Gordon Brown is not in favour of the French proposals. Earlier this week, he told the Financial Times that, while he accepted the City had "overheated", said. it was important to protect London's status as a world financial hub. |
| However, French Finance Minister Christine Lagarde said European countries were "firmly agreed that we need to change the rules". | |
| In comments ahead of the finance ministers meeting, being held in London, Sweden's Anders Borg said it was "very important that we as politicians give a clear message that old bonuses must come to an end", especially as concerns grew about unemployment. | In comments ahead of the finance ministers meeting, being held in London, Sweden's Anders Borg said it was "very important that we as politicians give a clear message that old bonuses must come to an end", especially as concerns grew about unemployment. |
| "The bankers are partying like it's 1999, and it's 2009. The bonus culture must come to an end and it must come to an end in Pittsburgh," he said, calling for finance ministers to have a "common message" on bonuses. | "The bankers are partying like it's 1999, and it's 2009. The bonus culture must come to an end and it must come to an end in Pittsburgh," he said, calling for finance ministers to have a "common message" on bonuses. |
| Dutch Finance Minister Wouter Bos said that "not every country is moving as quickly as it could" on the issue of banker payouts. | |
| And Belgian Finance Minister Didier Reynders said governments should be able to "intervene" in bonuses, and that EU countries should act together, as well as trying to get agreement from the US and others. | |
| US politicians are discussing legislation to ban pay and bonus packages which encourage bankers and traders to take risks that could cause damage to the wider economy. | US politicians are discussing legislation to ban pay and bonus packages which encourage bankers and traders to take risks that could cause damage to the wider economy. |
| And a so-called "pay czar" appointed by President Obama is examining banker pay proposed by seven US banks which received government bail-outs. | And a so-called "pay czar" appointed by President Obama is examining banker pay proposed by seven US banks which received government bail-outs. |
| Those who have already repaid money from the Troubled Asset Relief Programme (Tarp) will not have to have their pay and bonus schemes scrutinised. | Those who have already repaid money from the Troubled Asset Relief Programme (Tarp) will not have to have their pay and bonus schemes scrutinised. |