The State therefore has few accounts to ask them

The Germany prefers an international tax on financial transactions

The Germany is not to follow the Franco-British initiative to tax the bonuses of bankers. "Even if it is a very pleasant idea, a financial transactions tax would be a measure of long-term and more sustainable" a one-time tax, said yesterday the Chancellor Angela Merkel. Moreover, the German banking industry was, according to German media, engage yesterday evening to apply, voluntarily, as of 2009, the new rules normally planned for 2010 compensation. At the beginning of week, the President of the Bundesbank, Axel Weber, had already indicated that "it would be a good signal for the taxpayers if the banks adopted now, without being obliged, new salary structures.

So far, the BaFin, Constable of the financial sector, has published, last summer, that a circular detailing the principles, set out by the g-20, that should follow the financial institutes from 2010 pay of their employees. The general idea is that a direction in the long term, with a consideration of possible underperformance if traders took undue risks that have materialized several years after the relevant transaction, for example. The BaFin is to the 15December consultations with banks and insurance companies. She has published a new circular, although more detailed, by the end of the year. These circulars are "indirectly binding", according to a spokesman for the Constable of the financial sector.

Auditors of financial institutions will have to control their compensation policy and rule on their compliance with the new rules. They should send their comments to the supervisory authority. If in doubt, it can initiate inspection procedures. During the first half of 2010, the cabinet Merkel II plans to adopt a decree to encompass the entire process and make much more binding rules.

While the subject is still very sensitive in political debate, Deutsche Bank, however, has created a start of controversy by publishing its accounts for the third quarter. It was apparent that staff costs had increased by 47 over the same period of 2008, for generous bonus.

Almost a "non-sujet" in Italy

In Italy, the bonuses of bankers are not in the centre of the concerns of policy makers or stakeholders. Their taxation is even a "non-sujet", for two main reasons. First four institutions only - because Banco Popolare, Monte dei Paschi di Siena (MPS), Banca popolare di Milano (BPM) and Credito Valtellinese - resorted to the bonds for a total of EUR 4 billion to recapitalize. With MPS, they also appealed to the market for a bond, as well as number one, UniCredit, which has also opted for a capital increase or Ubi. The State therefore has few accounts to ask them. On the other hand, is the second reason to Rome, the Investment Bank is not the specialty of the country compared to the retail banking and the practice of the bonus has "nothing to do with London", provide operators. According to the Hay Group firm indeed, leaders is being awarded the largest bonus in respect of 2008 are mainly from industry (Finmeccanica, Italcementi, Luxottica...).

It prevents that the Governor of the Bank of Italy located at the head of the financial stability Board (FSB), strict instructions have been given. End of October, Mario Draghi stated that "the examination of the documents forwarded to this day at the Bank of Italy appear the failures and delays in the implementation of the new international provisions in terms of remuneration".

Most large banks provide, they, be absolutely "in line" with the rules of the FSB. As early as April, for example, UniCredit is vote in the General Assembly the principle of bonus spread over three years and conditioned "to the achievement of performance in the medium term objectives linked to a real risk taking." As of 2008, Alessandro Profumo and its teams have received no bonus. In Intesa Sanpaolo, number two in the sector, the variable remuneration were reduced by half.

The Spain will tighten controls

Operating mainly in the retail bank, the world of Spanish finance not did note by its excesses. Starting from the principle that prevention is better that cure, the Government has less decided step under the new law of sustainable economy, to strengthen the powers of the Bank of Spain to control the remuneration of the sector. Which, added to the duty, provided for in the same legislative provision to require listed companies to disclose the salaries of their leaders and to endorse them are attributed by shareholders in the General Assembly, should make difficult any slippage. The Governor of the Bank of Spain already wrote recently to banks operating in the country asking them to adopt before 31 December, a year ahead of schedule, the FSB criteria for compensation and governance. This is not caused waves to the persons concerned, who are little affected by measures aimed in essence, they investment banks. This is why also the question of the taxation of bonuses do not arose in Spain.

If today is in the best paid in the world bankers Fourplay, after long have appeared in the soft belly of the classification, Alfredo Saenz - the number two of Banco Santander-, whose total earnings reached EUR 9.3 million in 2008, must especially this distinction to the setbacks of his fellow bankers to business. In a country where a handful of footballers are more than 10 million euros net of taxes per year, the financiers are almost people very "measured". The "pension hats" are the only weaknesses of Spanish bankers. BBVA has provisioned 72 million for the departure of its President while Goirigolzarri is assured of 52.5 million. Alfredo Saenz will have 80 million.

In the United States, this bonus entirely in shares to Goldman Sachs

In the United States, we are still not talking of taxation. But the Government would be willing to harden the wage conditions of managers in banks which received public funds. Meanwhile, Goldman Sachs, which is the target of the wrath of opinion to put aside $ 16.7 billion in the first nine months to pay its employees, published yesterday its new wage policy. 30 Executives of the firm will receive their bonus entirely in shares and they will be blocked for five years. Some titles may be returned if it appears that, in time, the leader not well took into account its activity-related risk. And for the first time, the shareholders may participate in an advisory vote on pay.

For its part the "pay czar", Ken Feinberg, appointed by the US Treasury to oversee the remuneration of the banks still have public money, stiff conditions. According to the Wall Street Journal, he could announce the imposition to hundreds of employees to a maximum of 500,000 dollars a year. So far, it had amended the remuneration of 25 more senior officers of these institutions (by reducing their salary and bonus or authorizing levels largely above this threshold) and given its opinion on the following 75cadres. This caused some anxiety in Citigroup, for example, which received $ 45 billion of public money and negotiating actively with its regulators to start paying. The Bank fears of not being able to retain its talent, as rival Bank of America comes to reimburse fully the 45 billion it received.

Hong Kong traders take advantage of low rates of taxation

Following from Hong Kong Island the debates in the West on the remuneration of the traders and managers, bankers of major international groups were advised these last months of the developments implemented by their seats. "We like all other branches received the new guidelines which include bonuses indexed on the future performance of the Group and smoothed over several years", says a framework of a large European Bank. "There is no exception Kong", point a banker who notes, however, that the low rate of taxation on the income of the city has attracted in recent years, many traders and could convince other financial to leave London or Paris in the coming months. Usually discreet on the matter, the major Chinese banks have they just changed their policy of payment since the outbreak of the crisis. If a few traders take advantage, in structures of Hong Kong law by banks to State, income and bonuses similar to those of foreign competitors, retain the majority of managers of the large public banks in the country, in Hong Kong to Shanghai or Beijing, income where the share of wages "fixed" is dominant. Chosen from among the administrative and political elites, the leaders of the largest banks perceive all a near 230 000dollars per year salary.