Central bank says BNP Paribas bonuses in line with G20 rules
French bank BNP Paribas' controversial billion euro bonus package complies with the new G20 regulations to limit traders' perks, the head of the French central bank said Friday.
Issued on: Modified:
AFP - French bank BNP Paribas' controversial billion euro (1.4 billion dollar) bonus package is in line with new G20 rules to limit traders' perks, the central bank chief said Friday.
The bank's huge hand-out to its staff, which comes just months after it received a 5.1 billion euro loan from French taxpayers to see it through the credit crunch, has raised a political storm in France.
But Banque de France governor Christian Noyer, speaking after a meeting between senior government officials and banking executives, said BNP's plan does not breach new rules agreed in April by G20 leaders to reform banker's incentives.
Daily newsletterReceive essential international news every morning
Subscribe