LONDON - Banks should be"conservative" in how they award bonuses to preserve capital and keep lending to an economy hit by the Covid-19 pandemic, the European Union's banking watchdog said on Tuesday ."Remuneration and, in particular, its variable portion should be set at a conservative level," EBA said in a statement.
It builds on an order last Friday from the European Central Bank, which supervises leading euro zone lenders, telling lenders to stop paying dividends and making share buybacks until at least October, estimating they could save €30 billion . EBA said that relief given to banks so far should be used to finance companies and households and not to increase dividends or undertake share buybacks to fill pockets of shareholders.
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