In the run-up to the presentation of the new Commission, S&D Group president Gianni Pittella warned Mr Juncker he must take up the issue of defending the cap on banking bonuses immediately as an essential precondition for getting S&D support. As reported in today's Financial Times, Pittella denounced recent moves by several leading banks to avoid the restrictions.
Gianni Pittella, leader of the Socialists and Democrats group in the European Parliament, said:
"We will not accept any backsliding on curbing bonuses. Major banks using allowances to side-step the cap is a provocation. If you are part of the EU you must apply the same rules as any other member state. The next commissioner for financial services must be crystal clear on this, otherwise we will reject their candidacy.
"We expect Mr Juncker to tackle this issue before the presentation of the new Commission. Alongside ensuring a good gender balance, respecting European values and finally introducing new regulation on conflict of interest for MEPs, the fight against irresponsible, predatory behaviour in the financial world is and will be a conditio sine qua non – an essential precondition for the S&Ds to back the new Commission team.
