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February 14, 2012
Renewed criticism over Swedish bank bonuses
Published: 11 Jan 10 07:46 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24306/20100111/
Bonus payments increased at Sweden’s four largest banks last year, despite a sharp drop in the banks’ results, according to an ongoing review by the Swedish Financial Supervisory Authority (Finansinspektionen – FI).
- Riksbank leaves interest rates unchanged (16 Dec 09)
- Swedish CEOs make peanuts in Euro study (15 Dec 09)
- Borg sees the light for State’s finances (4 Dec 09)
“Right in the middle of this financial crisis, bonuses have increased, not only as a percentage of income but also in the actual amount. It’s startling and worrisome," Odell told Sveriges Television (SVT).
As of January 1st, new, tougher rules regarding bank bonuses went into force. The rules stipulate that bonuses are to be based on earnings over a long period of time and paid out over a long period of time, rather than on short-term results.
In addition, a substantial drop in a bank’s profits can result in bonus payments being reduced or drawn in altogether.
FI plans to continue its ongoing review of the banks for the rest of year. After the summer, the agency will receive information from the banks about what they’ve done to abide by the new rules.
Odell lamented the fact that “Swedish banks have so far not lived up to the new requirements”.
“It’s now time for the banks to wake up and implement this. It shows that it’s important that we get these new rules in place,” he said.
But Swedbank spokesperson Thomas Backteman called Odell’s criticism misguided, explaining that bonuses paid in 2009 were based on 2008 results.
“And I think that most Swedish banks had record profits in 2008,” he told SVT.
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No one has learned any lessons from the crash. Nothing has changed.
It will be worse next time.
If you ask me, any company which threatens the economy should go bankrupt, nationalized or both. Then it's either no bonuses or heavily controlled bonuses.
These guys were basically creating virtual profits for years and collecting bonuses, then they still get bonuses when their companies get in trouble.
Everything is working as the power elite had intended.
Meanwhile, as the Depression in the United States deepens, more homes are foreclosed upon, more jobs are lost
and more people are left without anything.
Sweden should take care to watch that the same disease does not become rampant in Sweden.