Spain's Economy Minister Luis de Guindos, left, speaks with Irish Finance Minister Michael Noonan during a meeting of eurogroup finance ministers in Brussels on Monday, March 4, 2013. The eurogroup finance ministers are set to discuss details of a bailout for cash-strapped Cyprus, further steps of assistance for Portugal and Ireland as well as the controversial issue of direct banking recapitalizations through Europe's permanent rescue fund. (AP Photo/Virginia Mayo)
BRUSSELS (AP) — Britain's treasury chief says his country does not support the proposed European legislation on capping bankers' bonuses.
George Osborne said at a meeting of European Union finance ministers in Brussels on Tuesday that Britain, home to one of the world's largest financial industries, wants further negotiations.
Most European nations support the legislation, which would limit bonuses to one year's base salary and double that if a large majority of the bank's shareholders agreed. It could be passed by qualified majority, without Britain's consent.
German Finance Minister Wolfgang Schaeuble said "it would be better" to reach consensus.
He expressed hope that changes in technical details might yet convince Britain to support the measure, which is part of a wider package of financial laws requiring banks to strengthen their capital buffers.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.