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European Union set to discuss bankers bonuses

In yet another sign of the times, the European Union will today meet ahead of the G20 summit to discuss the ongoing saga of banker's bonuses. Despite the fact that many people believe it is impossible to regulate banking remuneration packages it seems that the EU, the UK, the US and many other governments and leading bodies around the world are determined to push through tighter regulation.

However, on the eve of this meeting between EU leaders the revelation that Barclays bank has transferred management of its toxic debt to an overseas company in the Cayman Islands is something of a setback. Barclays has agreed to pay the company, which will consist of 45 Barclays bank staff, a $40 million management fee per year which equates to a $400 million payment over the ten-year life of the arrangement. There is also concern that this $400 million arrangement is a worst-case scenario with further payments expected on top if the toxic debt pile "turns good".

It seems that whatever threats various governments and associations around the world aim at the UK banking sector, and indeed the worldwide banking sector, it looks as though it is very much business as usual.

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