Banker bonuses have nowhere to hide under EU's final pay rules

Brussels

EUROPEAN Union regulators have drawn the line between fixed and variable pay: the bonus cap will receive no exemptions, and cash allowances will be closely scrutinised to avoid a circumvention of the rule.

The European Banking Authority issued its final guidelines on remuneration on Monday. While the London-based standard-setter for EU banking supervision gave leeway to smaller banks and operators through a handful of waivers, it makes it clear that the ban on bonuses of more than twice fixed pay will be enforced.