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New rules on capital requirements for banks and a cap on bonuses for bankers are the results of negotiations between Council and Parliament which were concluded with a deal late on Tuesday. The European Parliament is confident that the agreement delivers tough and effective rules that will cover all bonuses awarded or paid from 2011 onwards. It will be the first cap on how bankers are paid worldwide. "Two years on from the global financial crisis, these tough new rules on bonuses will transform the bonus culture and end incentives for excessive risk taking. A high-risk and short-term bonus culture wrought havoc with the global economy and taxpayers paid the price. The public want banks to prioritise stability and lending over their own pay and perks. In the last two years the banks have...
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