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FT社评:政府应当捍卫合理奖金 Leader_ Government should defend legitimate payouts

作者:英语作文网   来源: www.en369.cn  

February promises to be an uncomfortable month both for David Cameron and bankers at Royal Bank of Scotland. This year’s bonus season comes as the state-controlled bank is due to pay more than £500m in fines to US and UK regulators for rigging Libor. So it is encouraging that both the government and RBS are taking steps not only to claw back past payouts from those touched by the scandal, but to shrink the bonus pool itself.
对于戴维•卡梅伦(David Cameron)和苏格兰皇家银行(RBS)的银行家们来说,2月份过得不会舒坦。今年发奖金的季节,正赶上这家国有银行因为操纵伦敦银行间同业拆借利率(Libor),必须向美国和英国的监管机构支付逾5亿英镑的罚款。因此,英国政府和RBS不仅都采取措施,收回丑闻涉案者之前的奖金,而且还缩减了奖金池本身的规模,这一点值得称道。
Last year the government failed to recognise the extent of public resentment that still simmered over banking pay. Though it had signed off on a bonus of almost £1m to Stephen Hester, the chief executive brought in after the state’s £45bn rescue, it subsequently pressed him to surrender the payout in the face of political controversy. This time Mr Cameron and George Osborne, his chancellor, should ensure that any bonuses the bank pays are transparent, reasonable and justified. And then they should have the courage to defend these payouts to the public.
去年,英国政府没有认识到民众对银行业薪酬的愤懑程度,并且这种不满情绪当时仍在发酵。在英国政府对RBS实施450亿英镑的救助之后,斯蒂芬•赫斯特(Stephen Hester)就任RBS首席执行官。尽管政府去年批准了发给他的近100万英镑奖金,但随后政府面对政治争议,向赫斯特施压,要求他放弃这笔奖金。这一次,卡梅伦及其财政大臣乔治•奥斯本(George Osborne)应该保证,RBS支付的任何奖金都是透明、合理而且公平的。只有这样,他们才能有勇气在公众面前为这些奖金辩护。
The hard truth is that as long as RBS has an investment banking arm it will have to pay bonuses to attract and retain competent staff. RBS is not big enough, and certainly not yet successful enough, to change such industry practice on its own.
令人难以接受的事实是,只要RBS保留投行部门,它就必须支付奖金,吸引和留住优秀员工。RBS力量不够强大,而且其本身目前不够成功,难以凭一己之力改变行业惯例。
Mr Osborne has suggested that RBS should return to its high street roots, while also focusing on its role as banker to small business. But the government had also accepted that during the turnround phase it was necessary to retain some investment banking activity. Since the state stepped in, this has generated more than £11bn profit and offset the losses inflicted by toxic assets. This year RBS may even break even. This is good news for the UK taxpayer. So it would be illogical to demand that the investment banking arm deliver value that might help the government eventually to sell its stake, but deprive it of the ability either to keep or to attract the best people to carry out that job. This message should be reinforced by the fact that RBS is now one of the least generous in the industry when it comes to bonuses.
奥斯本建议,RBS应该重拾其商业银行的老本行,同时也要专注于为小企业提供金融服务。但英国政府也认为,在转型期间,必须保留部分投行活动。自政府介入以后,RBS投行部门已经取得了逾110亿英镑利润,抵消了有毒资产造成的损失。今年RBS甚至可能盈亏平衡。这对英国纳税人来说是个好消息。因此,既要求投行部门产生价值,帮助政府最终出售所持股份,又想要剥夺它保留或者吸引开展工作所需的最优秀人才的能力,这是不合逻辑的。事实上,说到奖金,RBS如今算是行业中最吝啬的一家了,这一点应该巩固上述观点。
The time for bankers’ remorse over the excesses that led to the financial crisis is far from over. Regulators will have to be vigilant in ensuring that banks do not find new ways of pumping up payouts and inflating risk. But this is a time for pragmatic realism. Not all bonuses are bad. Only those that do not serve the interests of the bank or its shareholders.
银行家的肆无忌惮引发了金融危机,他们应该为此悔恨,而且忏悔期远未结束。监管机构未来必须保持警惕,保证银行不会找到新途径来大幅提高奖金,增大风险。但现在是采取务实的现实主义的时候。并非所有的奖金都有害。只有那些违背银行或者股东利益的奖金才有害。

译者:倪卫国
 

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