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| Version 1 | Version 2 |
|---|---|
| G20 pledges tougher bank action | G20 pledges tougher bank action |
| (20 minutes later) | |
| Finance ministers from the world's most powerful economies have agreed a series of measures to try to regulate the global banking system. | Finance ministers from the world's most powerful economies have agreed a series of measures to try to regulate the global banking system. |
| They want a system that rewards long-term performance rather than short-term risk-taking. | They want a system that rewards long-term performance rather than short-term risk-taking. |
| However the G20 meeting in London did not agree on specific limits on the amounts individual bankers get paid. | However the G20 meeting in London did not agree on specific limits on the amounts individual bankers get paid. |
| Britain, the US and Canada opposed the idea, agreeing to ask the Financial Stability Board to examine the issue. | Britain, the US and Canada opposed the idea, agreeing to ask the Financial Stability Board to examine the issue. |
| It will report back to the summit of G20 leaders in Pittsburgh, Pennsylvania later this month. | |
| UK Chancellor Alistair Darling said all bankers were obliged "to make sure that their pay practices are responsible". | UK Chancellor Alistair Darling said all bankers were obliged "to make sure that their pay practices are responsible". |
| He said that ministers were determined to stop banks and financial institutions getting themselves into positions where they could be brought down. | He said that ministers were determined to stop banks and financial institutions getting themselves into positions where they could be brought down. |
| The chancellor added that every single banker had to realise they would not be here if it had not been for the efforts of countries and taxpayers. | The chancellor added that every single banker had to realise they would not be here if it had not been for the efforts of countries and taxpayers. |
| The US Treasury Secretary, Tim Geithner, said there was broad agreement on the need for change. | |
| He said: "Changing compensation practices fundamentally will be fundamental to future reform, and we're going to move forward and do that." | |
| International Monetary Fund chief Dominique Strauss-Kahn said that governments now had to act. | |
| "The problem is we need to go beyond agreement. We need to have concrete measures." |