Germany Lauds Banks Bonus Move; Eyes More Rule Changes
11 Dezember 2009 - 11:51AM
Dow Jones News
The German Finance Ministry Friday lauded German banks and
insurers' commitment to self-regulation on bonuses payments, and
said it will follow this up with additional rule changes.
"It is a positive signal that the largest German credit
institutes and insurers have committed themselves in this
declaration to apply the new standards for sustainable remuneration
already," Schaeuble said in a statement.
The ministry said it is pursuing a three-step approach to
bankers' bonuses, in line with the bonus payment agreement of the
Group of 20 nations to defer them over several years and to
implement clawback structures that allow bonus payments to be
reduced if the long-term results of investment decisions turn
sour.
A first step is the self-regulation of Germany's leading banks
and insurers. In a second step, financial services regulator BaFin
will send a letter to banks and insurers on supervisory rules by
the end of 2009, at the request of the Finance Ministry. Thirdly,
the Finance Ministry will in spring 2010 draft an oversight law to
change Germany's Banking Law and the Law on the Supervision of
Insurance Companies.
The Finance Ministry couldn't be reached to give more details on
the plans.
-By Andrea Thomas, Dow Jones Newswires; +49 30-2888-4126;
andrea.thomas@dowjones.com
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