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Sarkozy pushes banks to limit bonuses

French President Nicolas Sarkozy on Tuesday pushed the country's leading banks to implement new rules restricting bonuses for their executives, warning the government will not work with banks which refuse to do so, according to the AFP.

"We will not work with banks who do not apply these rules," Sarkozy warned after meeting with French bank executives over bonuses issues, "I want banks who do not play by the rules to be punished."

Sarkozy summoned bank leaders to his office Tuesday. Following the talks, French banks have agreed to adopt the new restrictions, confirmed by the French banking federation.

"The issue of traders' remuneration is an essential part of ensuring that the crisis we're going through is not repeated," Sarkozy said.

The president wanted French bank industry to work on a new bank plan for better regulated financial markets, representing a good example at G20 summit on September 24 to convince the Group of 20 leading nations to agree a tighter international system of financial regulation, including limiting the amount of bonuses.

Luc Chatel, spokesman of the French government, described Sarkozy "totally determined".

"He will have a strong message to take to the summit in Pittsburgh. France is leading this fight, which is a fight for more international financial regulation, for restrictions on remuneration," Chatel said.

 Source : Xinhua  Editor: Ivy
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