The State will no longer offer "no mandate" to set up financial transactions for banks that would not apply the new rules outlined on Tuesday warned the head of state. Photo credits: AFP Convened at the Elysee, bankers are committed to a series of measures to regulate variable remuneration. The president wants the G20 adopts them.
"More transparency, more control, more responsibility." In short, a paragon of financial reporting. It was under this label that Nicolas Sarkozy wants to impose France - and its banks with it - at the upcoming G20 summit, held at the end of September in Pittsburgh.
Convened for the seventh time by the Head of State, French bankers arrived Tuesday at the Elysee, knowing that they should undertake. The profession has she not done again in the headlines this summer when the revelation of the provision of billion set aside by BNP Paribas payment of bonus teams bank financing and investment? A news has significantly upset Nicolas Sarkozy during his vacation. So it was not Tuesday with a simple call to order for the crop on loans and bonuses. The head of state, who said he was "shocked" that lessons from the crisis have not been drawn, went into action.
Surrounded by the Prime Minister, François Fillon, the Minister of Economy Christine Lagarde, Governor of the Bank of France, Christian Noyer, and credit mediator, Rene Ricol, he detailed Tuesday the new rules that now apply to traders and banks, so they have a "behavior":
• The payment of bonuses. The trader must wait three years to reach his full bonus. To the best paid, two-thirds of the sum will be paid in effect deferred to reflect the results - more than half for other employees. Nicolas Sarkozy said a third of the deferred portion would be paid in shares of the company.
• The creation of the "penalty". If performance is not at the rendezvous, the trader is penalized. The latter will now "wait three years to get the full bonus, and if within two years of its activity loses money, it will not affect his bonus. No bonus without penalty, it is not every time we win, "commented the head of state. "When a trader is entitled to a bonus, it does receive a portion. The other party will be at risk: if the following year he made a bad transaction, the deferred portion is lost to him, "said Christine Lagarde on LCI.
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