Barnier tackles bonuses as UK tries to scrap cap

Michel Barnier 230
By Owen Sanderson
11 Sep 2014

Michel Barnier, the outgoing European internal market commissioner, asked the head of the European Banking Authority to chase down banks using allowances to pay their bankers, thereby evading restrictions in the Capital Requirements Directive which are supposed to limit bonuses. Meanwhile, the UK had another hearing at the European Court of Justice to try to strike out the restrictions entirely.

The UK has been fighting the bonus cap since September last year, after taking the Council of the European Union and Parliament to court.

The UK claims the bonus cap has “an inadequate legal base”, as well as being “disproportionate and/or failing to comply with the principle of ...

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