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EU moves to cap bank bonuses

European Union officials last night struck a deal to cap bankers' bonuses at a year's salary. Under the deal some bankers may still earn twice their salary in bonuses if there is explicit approval from shareholders.

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EU Minister: Banking reforms will protect taxpayers

Michael Noonan has led talks within the European Union. Credit: Julien Behal/PA Wire/Press Association Images

Michael Noonan, Ireland's finance minister, has talked up the EU’s proposed financial reform package, which includes a cap on banker bonuses.

Noonan, who led the negotiations for the 27 governments in talks last night, said: "This overhaul of EU banking rules will make sure that banks in the future have enough capital, both in terms of quality and quantity, to withstand shocks.

"This will ensure that taxpayers across Europe are protected into the future."

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