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EP's Schulz welcomes new rules for banks as ground-breaking

European Parliament President Martin Schulz made the following statement after the Council and the Parliament reached a political agreement on capital requirements for banks:

"I welcome the agreement on new capital requirements for banks. I thank the rapporteurs Othmar Karas, Udo Bullman, Sharon Bowles and Philippe Lamberts and Vicky Ford for their hard work. Their skill and commitment allowed the European Parliament to significantly improve the planned legislation, notably by limiting bonuses for bankers.

The new rules will make the banking system safer, more stable and transparent. They will help to avert the risk of a repeat of the disastrous financial crisis that hit the global economy in 2008, throwing millions into poverty and unemployment.

The cap on bonuses is a ground-breaking measure that in my view will make the economic system fairer and safer. Exuberant bonuses often provided a wrong incentive for financial markets, encouraging risky behaviour and short-term, purely speculative investment."