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UK Government to implement Walker reforms on bank pay and governance – highest remunerations must be disclosed
Sir David Walker’s report on bank pay and governance, enabling shareholders to monitor risk taking, is to be implemented by the UK government. Investors will need to identify employees, product lines and business units generating abnormal rewards.
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British banks believe final Walker Report hits right targets - shareholders should be active participants
Sir Walker has received widespread support for many changes already implemented since interim report – indeed, banks are already adopting his early recommendations on board composition and responsibilities, Angela Knight BBA Chief Executive said.
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23 Nov ECON Committee: focussed on legal uncertainties about powers and concern about Council diluting the DLG plans
The Strasbourg meeting focused on the first exchange on the Commission’s proposals for a new European supervisory architecture. One of the main issues raised by MEPs was the legal uncertainties concerning the powers of the proposed supervisory authorities.
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Commissioners designated for the next Commission
Centre-right politicians dominate the list of new EU commissioners expected to take office late January. There are nine women on the list - one more than in the current Commission - which, in principle, should please the EP. MEPs will now have to approve them.
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FSA Turner: macro prudential tools vital to future financial stability
Speaking at the CBI annual conference, Lord Turner recalled that we should not just focus on the negative aspects of the pre-crisis financial system. Instead, we should focus on the positive functions which banks and other financial institutions must perform in a successful economy.
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IMF Strauss-Kahn: Take-Off or Holding Pattern? - To sustain global growth, world economy will need a new engine
Strauss-Kahn warned that even if financial conditions have improved, they are still far from being normal. As regards exit strategies, economies should wait until financial stability is completely recovered.
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Trichet: key lesson from the crisis - the complexity of the international financial crisis has put banks in a difficult position
The G20 has made a quantum leap in creating the new premier global economic group. The aspect that impresses him most about this group is the virtually universal consensus on global economic issues such as what constitutes the appropriate response to the crisis.
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Compensation and bonuses must remain contained, Trichet warns at the 19th Frankfurt European Banking Congress
He focused on the essential issues to be tackled in the banking sector, including the need to strengthen banks’ balance sheets and expanding banks’ supply of loans once loan demand picks up in the recovery.
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‘3L3 Convergence from crisis’: third panel at the CEIOPS 2009 Conference
The main issues were the lessons learned from the crisis (including the option of using contingent capital); the Commission’s legislative proposals on European Supervisory Authorities; the quality of current 3L3 co-ordination and EU convergence with global initiatives.
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