Bankers' Bonuses

In autumn 2010 the draft of the amended Austrian Banking Act (Bankwesengesetz; BWG) announced restrictions of the variable remuneration policy of credit institutions, irrespective of general rules of civil and employment law.

Facts

With publication in the Official Journal of the European Union, two directives of the European Parliament and of the Council amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for resecuritisations, and the supervisory review of remuneration policies, shall enter into force.

According to the European Parliament legislative resolution of 7 July 2010 on the proposal of the mentioned directives, member states shall adopt by 1 January 2011 those laws, regulations and administrative provisions necessary to comply with the EU-Directive concerning the remuneration policies. The Austrian ministerial proposal (Ministerialentwurf-194/ME XXIV. GP) of 3 September 2010 stipulates the amendment of