BANKERS' BONUSES IN STATE-OWNED BANKS

That this House congratulates the Government on reducing bankers' bonuses from £11.6 billion in 2008 to £1.6 billion in 2013; welcomes the measures introduced by the Secretary of State for Business, Innovation and Skills giving a role to shareholders in determining executive remuneration; calls on the Government, where it has any stake in a bank, to exercise its rights as a shareholder to restrict bonuses and to ensure, where it has a majority stake in a bank, that bonuses are restricted; supports, in all banks partially or wholly-owned by the state, a cap on bonuses and an overall cap on executive remuneration to prevent salaries being increased to compensate for lower bonuses; opposes any bonus payments or increases in salaries for executives in banks wholly or partially-owned by the state relating to a period where a bank made a loss; and calls for the implementation of the recommendations of the Walker Review as swiftly as possible.