The Hellenic Radio (ERA): News in English, 09-09-18

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] Brussels: Agreement to Push Bank Bonus Sanctions

Last Updated on Friday, 18 September 2009 11:27

During an extraordinary Summit held in Brussels on Thursday, EU leaders agreed to press their G20 partners â in a meeting to be held on September, 24, 25- to introduce "sanctions" against banks that hand out excessive bonuses.

The EU bloc's stance is that bonus pay in the financial sector should be tied to long-term performance and all G-20 members should support cuts. Many believe that high bonuses led to high risk investments in the banking sector and sparked the global financial crisis.

They also want to block the exercising of stock options over set timeframes and end the insulation of top directors from fall-out when banks fail, following a number of high-profile payouts to failed bank chiefs.

News item: 26891

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