BoE bank execs bonuses total GDP25m
(13 August 2012 – United Kingdom) It has emerged that staff at the Bank of England (BoE) have received more than £25 million (A$37 million) in bonuses since the beginning of the credit crunch.
The payments have been handed out despite the fact that Governor Sir Mervyn King and his top team failed to anticipate the global financial crisis, and did nothing to prevent the Libor interest-rate rigging scandal.
One MP called the taxpayer-funded sums ‘rewards for failure’.
Over the past five years, thousands of Bank of England executives have received up to £30,000 in performance-related pay.
The awards, handed out between when the credit crunch began in 2007 and this year, have totaled £25.3 million. They come on top of generous salaries which exceed £150,000 a year for some of the Bank’s senior staff.
Britain's scandal-tainted bankers could learn a thing or two from the country's athletes after these Olympics, the country's central banker Mervyn King said over the weekend.
In a newspaper editorial, Mervyn King wrote that the London Olympic showed it was wrong to argue that massive bonuses were needed to motivate people to do well.
King said the success of Olympians and the pride of the 10,000 volunteers at the games showed that 'motivation does not come from financial incentives alone.'
'The financial sector has done us all a disservice in promoting the belief that massive financial compensation is necessary to motivate individuals,' he wrote in the Mail on Sunday.
One MP called the taxpayer-funded sums ‘rewards for failure’.
Over the past five years, thousands of Bank of England executives have received up to £30,000 in performance-related pay.
The awards, handed out between when the credit crunch began in 2007 and this year, have totaled £25.3 million. They come on top of generous salaries which exceed £150,000 a year for some of the Bank’s senior staff.
Britain's scandal-tainted bankers could learn a thing or two from the country's athletes after these Olympics, the country's central banker Mervyn King said over the weekend.
In a newspaper editorial, Mervyn King wrote that the London Olympic showed it was wrong to argue that massive bonuses were needed to motivate people to do well.
King said the success of Olympians and the pride of the 10,000 volunteers at the games showed that 'motivation does not come from financial incentives alone.'
'The financial sector has done us all a disservice in promoting the belief that massive financial compensation is necessary to motivate individuals,' he wrote in the Mail on Sunday.
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