London Euro-MP hails bonus and casino banking curbs
July 7, 2010 6:00 PM
Originally published by Sarah Ludford MEP
Originally published by Sarah Ludford MEP
London Liberal Democrat MEP Sarah Ludford has hailed the approval by MEPs in the European Parliament of tough new EU laws to rein in bankers´ bonuses, and slammed extremist and racist MEPs from UKIP and BNP who opposed the curbs.
The reforms will be implemented in time for this year's bonus payout, and will stop bank directors like 'Fred the Shred' Goodwin walking away from failing banks with huge pensions.
The new laws will not only reform the way bonuses are paid to top bankers but also remove incentives for 'casino' banking by imposing a big increase in the capital banks will be forced to hold when they engage in risky trading.
Sarah Ludford said:
"Since 2008 the public has fumed as top bankers continued to take home millions in lottery-type windfalls while ordinary people's homes were repossessed. This landmark legislation will put an end to those unjustifiably large bonuses."
"In addition, taxpayers will no longer have to pick up the tab when bankers bring down financial institutions by taking on too much risk."
"The argument that our financial ´talent´ will move abroad doesn't wash. If people don't want to play by our rules, we won't miss them."
UKIP and BNP Euro-MPs voted against the new law and thus in favour of the status quo of huge bonus packages combined with taxpayer bailouts.
Note to Editors
1. The reports on the renumeration of directors and capital requirements were voted through in Strasbourg by the full plenary of the European Parliament on Wednesday 7th July.
2. UKIP MEPs who voted against: Gerard Batten, John Agnew, Godfrey Bloom, John Bufton, David Campbell Bannerman, Derek Clark, William (The Earl of) Dartmouth, Nigel Farage, Paul Nuttall. BNP MEP who voted against: Nick Griffin
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