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EU lawmakers likely to back bank bonus cap

May 11 2012 Huw Jones, Reuters

LONDON, May 11 (Reuters) - A likely vote by European Union lawmakers on Monday to back some of the world's toughest curbs on bankers' bonuses will add to pressure on member countries to follow suit and quell public anger over huge pay packets in the bailed-out sector. A proposal to cap bonuses at the same level as a banker's fixed salary will be approved by the European Parliament's economic committee, which will also vote on a draft law to force banks to hold more capital so they withstand shocks without needing taxpayer help again. "There is enough cross-party support for this to go through," a parliamentary official involved in negotiations on the vote said on Friday. The EU has already implemented and toughened up new global rules that a large chunk of a bonus must paid over several years in the form of shares and can be clawed back if the performance which triggered the award turns out to have been poor. EU lawmakers are now looking to cap the bonus, although a

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