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ARTICLE · 09 DECEMBER 2014

CRV IV - Remuneration

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Mark Carney, Governor of the Bank of England, gave a speech to the Monetary Authority of Singapore targeting bankers’ fixed pay as well to make bankers more personally accountable and to change their behaviour.

European UnionFinance and Banking
Harvey Knight
Harvey Knight
Kirsten Lapham
Kirsten Lapham
Colin Smith
Colin Smith
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Central banks target bankers' fixed pay

Mark Carney, Governor of the Bank of England, gave a speech to the Monetary Authority of Singapore targeting bankers' fixed pay as well to make bankers more personally accountable and to change their behaviour.

In the wake of the CRD IV provisions limiting bankers' bonuses (variable remuneration) to 100% of base salary, many banks had sought to introduce 'personal allowances' – role-based payments that banks have treated as fixed remuneration and not subject to the existing EU rules on variable remuneration. Notwithstanding the PRA/FCA having approved the principle of such awards being treated as fixed remuneration, following a compliant about the use of such allowances from the European Financial Services Commissioner to the EBA, the EBA confirmed that most personal allowances should be considered as variable remuneration, (see our November briefing for more information).

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