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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters French government cracks whip at banks over bonuses Thu Aug 6, 2009 12:41pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Estelle Shirbon PARIS (Reuters) - The French government reacted to public anger over bonuses for financial traders on Thursday by summoning bank chiefs for a meeting and telling the central bank to ensure that new rules on payouts are respected. Outrage over bonuses, which many voters see as a provocation from a sector held responsible for the economic crisis, was rekindled this week when news emerged that BNP Paribas had set aside 1 billion euros ($1.4 billion) for possible bonus payments. Prime Minister Francois Fillon and President Nicolas Sarkozy have asked Economy Minister Christine Lagarde to alert the central bank to the issue. "Banks must respect the commitments they made toward society and toward the state, which last autumn gave them the means to overcome the financial crisis," Fillon's office said in a statement, referring to a rescue package for the sector. Fillon has called in banking executives to a meeting on Friday where representatives from the central bank and the Economy Ministry would also be present, the statement said. BNP Paribas, France's biggest bank by market capitalization which reported a 6.6 percent rise in second quarter profits, has defended its bonus provision, saying it was in line with commitments demanded by G20 leaders at a London summit in April. But unions and opposition Socialists denounced what they described as exorbitant payments. "Regulators and the government have to fix the new rules of the game," said trade union CFDT, adding that the existing code of conduct on bonuses was insufficient. Earlier this year, the government, major banks and market watchdog agreed on a deal that stipulated, among other things, that there should be no guaranteed bonuses. In a statement issued late Wednesday, the Economy Ministry said Lagarde had asked Bank of France Governor Christian Noyer to be watchful on the issue of bonuses. "At a time when several banks are preparing decisions on traders' remuneration, Lagarde asked the banking commission to be extremely vigilant in ensuring that these rules are applied," the Economy Ministry said. It said the agreement with banks struck earlier this year was meant to put an end to bonuses that were not a reward for good performances and responsible risk management. The bonus issue is at the forefront of politicians' attention ahead of the G20 summit in Pittsburgh next month. Recent bumper profits at investment banks such as Goldman Sachs and JP Morgan have raised concerns among politicians and the public about who reaps the rewards given the huge sums of public money injected into the sector to counter the financial crisis. Last month, U.S. President Barack Obama said Wall Street banks had failed to show remorse for the "wild risks" that caused the crisis and helped push the United States into recession. Continued... 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