The Minister of Finance is planning to submit a draft bill in the near future that will further regulate the bonus policy of financial institutions and curtail excessive bonuses.

The Minister has answered questions from parliament about transaction bonuses and indicated that he plans to end the option of deviating from the remuneration policy.

Meanwhile, the British government has announced that it will fight a European cap on bankers’ bonuses before the European Court of Justice, on the basis that relevant European legislation contravenes European treaties protecting the rights of employees.