EU court sweeps British objections round ceiling bankers bonuses table – Standard

EU court sweeps British objections round ceiling bankers bonuses table – Standard

             The Advocate General of the European Court of Justice has issued an opinion Thursday ruled that the European capping bankers’ bonuses is valid. The advice is bad news for Britain, which combats the European rules for the Court.
         

This year may bonuses for bankers in the European Union is not more than double the amount of their annual salary. So hope to avoid European policy makers that bankers out short-term profit even venture to the excessive risks that led to the credit crisis.

However,

Great Britain fears that rules the appeal of London as a financial center will undermine and went to the European Court of Justice. According to the British Government, the measure no sound basis in European law and it is for the Member States to any salary ceilings capture. However,

Advocate General Niilo Jääskinen suggested Thursday that the European regulation is valid. ‘The imposition of a fixed relationship between the bonuses and base pay does not limit the total wage bill “so reads in a communication from the Court. He also suggested that the European Union can have a say in matters that relate to the stability of financial institutions operating in different Member States.

The opinion of the Advocate General is just an opinion, but is often it guides the binding judgment that will eventually sheets. That judgment is not expected within a few months.