EU official: Cap on bank bonus to make industry 'fair'

Othmar Karas, the Austrian member of parliament part of introducing a cap on bankers' bonuses in the European Union has said the proposal was to bring in "fairness and responsibility" into the industry.

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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.