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Loans For Bonuses
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Date: 11th May 2009
Members will recall that LTU was the first to propose to the Bank that staff whose bonuses are being deferred should have the option of taking loans, equivalent to the value of any deferred bonuses, with the loans being paid back over an agreed period of time.
Mark Brown, Assistant General Secretary, said that "LTU from the outset, said that the use of loans is only a palliative to the deferral of bonuses and is not a long-term solution".
UKFI and the Bank will shortly be engaged in a three-month review of the terms of the Asset Allocation Scheme, particularly how it applies to bonuses, LTU intend to be part of that review. UKFI need to understand that the current system of bonus deferrals driven by salary and the level of bonus is not sustainable in the long-term and needs to be changed now.
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