Britain fails to stop EU push on bank bonus caps

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Associated Press

Posted on March 20, 2013 at 8:05 PM

Updated Wednesday, Mar 20 at 8:34 PM

BRUSSELS (AP) — Britain has failed in an 11th hour bid to convince other European Union members to alter a proposal that caps bankers' bonuses starting next year.

Representatives of the bloc's 27 governments and the European Parliament ironed out details of the final draft of the legislation Wednesday. Britain had hoped for at least minor changes in the draft.

The proposal limits bonuses at one year's base salary and double that if a large majority of a bank's shareholders agrees.

Lawmaker Othmar Karas says the European Parliament is set to adopt the legislation in April.

The rules will also apply to European units of foreign banks and the employees of EU banks working overseas.

The compromise on the legislation was struck in principle last month. Britain opposed it but was outvoted.

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