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89992

	registered interest
	date	26/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Banks: Pay
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent representations he has made to institutions of the EU on the cap on bank bonuses.
	tabling member constituency	Wirral South
	tabling member printed	Alison McGovern
	uin	905051
	answer	answer is ministerial correction date of answer 02/09/2014 answer text <p>I refer the hon. Member to the Answer I gave today to the hon. Member for Blaenau Gwent (Nick Smith).</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 02/09/2014 14:43:33 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4083 label Biography information for Alison McGovern

64152

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Banks: Pay
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what discussions his Department has had with the (a) Prudential Regulation Authority and (b) Financial Conduct Authority about reports of UK banks paying allowances to employees in order to avoid the EU's bonus cap; and what steps he plans to take to reduce such practices.
	tabling member constituency	Bolton North East
	tabling member printed	Mr David Crausby
	uin	202634
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The UK is at the forefront of global efforts to tackle excessive pay in the financial sector and ensure that pay is aligned with performance, with a tough Remuneration Code that requires deferral of at least 60% of bonuses of senior bankers and limits the amounts that can be paid in cash. Bonuses are down significantly since their peak under the last Government, and are now largely deferred and paid in shares.</p><p> </p><p> </p><p>In contrast, the EU's bonus cap is a poorly thought through measure that undermines rather than reinforces our efforts by pushing up fixed pay. It was introduced without any proper impact assessment and has issues around its compatibility with the EU Treaty; for these reasons we are challenging it in the European Court of Justice. However, pending the outcome, the Government is fully implementing the cap in the UK, and the Prudential Regulation Authority is responsible for ensuring that the banks comply with these rules.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 03/07/2014 15:39:53 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	437 label Biography information for Sir David Crausby