Sarkozy tightens bank bonus rules

Article reports that banks in France will be barred from lucrative French government mandates if they fail to abide by new international guidelines on pay, President Nicolas Sarkozy warned on 25 August 2009 as he unveiled tough domestic rules on rewards for traders. He said he would press calls for tougher international regulation at a G-20 summit on the 24 September 2009.

Top French banks including BNP Paribas, Société Générale and Crédit Agricole have signed up to the new rules.

On the 26 August 2009 Angela Merkel, German Chancellor threw her weight behind the calls from the French President.

ESO: Background information: G20 Summit, London, 2 April 2009 http://www.europeansources.info/record/website-g20-summit-london-2-april-2009/

France24, 25.8.09: Sarkozy chides bankers for bonuses, calls for tougher regulation http://www.france24.com/en/20090825-sarkozy-chides-bankers-bonuses-economic-crisis-france-G20

ESO: Background information: France eager to lead way on bonus restraint http://www.europeansources.info/record/france-eager-to-lead-way-on-bonus-restraint/

EurActiv, 1.9.09: EU leaders pledge action on bonuses at G20 http://www.euractiv.com/en/financial-services/eu-leaders-pledge-action-bonuses-g20/article-184989

Website: G-20 Pittsburgh Summit 2009 http://www.pittsburghsummit.gov/

University of Toronto: G20 Information Centre http://www.g8.utoronto.ca/g20/

Deutsche Welle, 26.8.09: Sarkozy tightens bank bonus rules http://www.dw-world.de/dw/article/0,,4599032,00.html

ESO: Background information: Germany’s bonus ultimatum to bankers http://www.europeansources.info/record/germanys-bonus-ultimatum-to-bankers/

BBC News, 27.8.09: Lord Turner backs new banking tax http://news.bbc.co.uk/1/hi/business/8223663.stm

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