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Bank Supports LTU's Loans For Bonuses Campaign
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Date: 3rd Apr 2009
Members will be aware that following the announcement of the Bank's participation in the Government's Asset Protection Scheme LTU proposed that staff whose bonuses are being deferred should have the option of taking interest free loans, equivalent to the value of any deferred bonuses, with the loans being paid back in three equal annual instalments in June 2010, June 2011 and June 2012. We accept that such loans would be taxed as a benefit in kind but that should be paid by the Bank and added to the original bonus.
The Bank has now said that it has "made the decision in principle to offer loans to staff impacted by the deferral and claw back of bonus schemes....". Mark Brown, Assistant General Secretary, said “Whilst we are pleased that the Bank has accepted our proposal that it should offer loans, the basis on which those loans will be offered and the impact of any claw back arrangements on the size of the loans are issues which we will be discussing with the Bank over the next few weeks”.
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