Banking Bill

Directors of the recapitalised banks are very much in the public eye and will continue to be so for the foreseeable future. We have been very clear about the conditionality that we want on executive remuneration, and we will continue in that manner. We have powers to the banks, and we have absolutely no reason to believe that they will not continue to take a fair and appropriate line on directors' pay and executive bonuses. We certainly do not condone any reward for failure, and we expect the relevant bank's board to support the removal of any directors for a failure to deliver against their agreed strategic objectives.