Rome

Bank of Italy tells loss-making banks to not pay dividends

Bonuses to executives, managers should also be cut

Bank of Italy tells loss-making banks to not pay dividends

Rome, March 14 - Italy's central bank on Thursday asked Italian banks with balance sheets in the red for 2012 not to pay bonuses to managers or dividends. In a statement, the Bank of Italy said that banks should not only eliminate bonuses to chief executives if 2012 results are loss-making but that they should also reduce bonuses to other employees. The bank added that banks should not try to find other methods to "get around" the requested bonus-ban by using, for instance, salary increases or increases in variable compensation for future years.

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