The European Union has reached a deal to cap bankers’ bonuses, which critics say played a major role in driving the financial crisis.
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The deal to implement new rules for the banking sector, which was struck early this morning, was brokered by Ireland – as holders of the EU presidency – along with the European Parliament.
The new regulatory framework sees the establishment of a set of rules which tighten up bank capital requirements, after negotiations that dragged on for 10 months.
The accord reached overnight will now go forward to EU finance ministers when they meet next week in Brussels.
