EU unlikely to change bonus limit deal for bankers, says Noonan

EU unlikely to change bonus limit deal for bankers, says NoonanIreland's finance minister Michael Noonan has said that it is not likely that the agreement that imposes a limit on the amount of bonus that can be given to bankers, will be revised.

The influential financial sector of the UK is opposing the agreement that was reached in the previous week because it believes that the agreement will put the region in a disadvantageous position and the financial firms will move to other financial hubs of the world. The agreement states that banks will not be allowed to give out bonuses that are bigger than the base salaries of bankers to them from next year.

The government of Ireland, which is the currently holding the European presidency, had helped the Bloc reach the agreement that seeks to control huge bonuses to the bankers. UK's Finance Minister George Osborne is expected to voice his opposition to the limits at the EU ministers' meeting in Brussels but the agreement only requires a weighted majority, it is likely to be finalised.

Noonan said, "The British authorities have problems with the banker bonus issue. There is very little further we can do for them because we pushed the negotiations to quite a degree and we got the best possible compromise with the parliament. So there isn't any more room left really."



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