22-11-2010, 01:08 PM
Before it's over, the current government will be contributing tax-payer's money to help boost bankers bonus packages...
Quote:UK May Water Down Bank-Bonus Disclosure Transparency Plans
LONDON -(Dow Jones)- The U.K. could water down plans to force disclosure of bank bonuses, and might do better to aim for further international agreement before going ahead with strict rules for banks, Chancellor of the Exchequer George Osborne suggested in an interview earlier Monday.
Osborne's comments followed a letter in Monday's Financial Times from Sir David Walker, author of the 2009 report on corporate governance in financial institutions. The letter stated that while requiring major banks disclose the details of high end bonuses was recommended, it could put British banks at a competitive disadvantage without international agreement.
Speaking on BBC Radio 4's Today program, Osborne said that it was important to listen to Sir Walker's updated comments.
"He ([Walker] says in that article that it would be a mistake for the U.K. to act unilaterally," Osborne said. "Since he is the person who came up with the proposal, I think we should at least listen to what he's got to say and make our decisions, but the first thing we've got to do is listen to what he's got to say, consider his new insight into this."
In the FT article, Walker said that he expected Europe and North America to follow the U.K.'s lead in achieving greater transparency on bank remuneration policies and payments in the wake of the credit crunch, but this has not been the case.
"There are European rules being developed in this area and it might be better for Britain to promote this internationally rather than just unilaterally," Osborne said.
http://www.ft.com/cms/s/0/d0f2499a-f5a4-...b49a.html# axzz160SfrkW3
-By Ilona Billington, Dow Jones Newswires; 44 7842 9452; Ilona.Billington@ dowjones.com