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Bank claim: MEPs approve cap on banker bonuses

New laws which restrict banker bonuses have been approved by Members of the European Parliament (MEPs).

From 2011, bankers will only receive 30 per cent of their annual bonus in cash up-front, while employees will only earn the remaining 70 per cent if the company performs well.

Michel Barnier, the EU's financial services commissioner, expressed his belief that the new legislation would help put an end to excessive bonuses and salaries in the financial sector.

"There will be no return to business as usual Banks will need to change radically their practices and the mentality that have led in many cases to excessive risk-taking and contributed to the financial crisis," he said.

MEPs gave huge support to implementing the new rules with the final vote finishing 625-28 in favour.

In 2009, bankers took home £6 billion in bonuses and they are expected to collect an extra £0.8 billion in 2010.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800000939-ADNFCR

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