Paul Lachine

Das Bonusrisiko

CHICAGO – In seiner Juli-Sitzung verabschiedete das Europäische Parlament einige der weltweit strengsten Regelungen für Bonuszahlungen an Bankmanager. Ziel ist es, die Risikobereitschaft von Finanzinstituten zu dämpfen.

Die neuen Regelungen sehen vor, dass maximal 30 % der Bonuszahlungen an Banker bar bezahlt werden. Zwischen 40 % und 60 % müssen mindestens drei Jahre lang zurückgestellt werden und mindestens 50 % müssen als „bedingtes Kapital“ investiert werden, einer neuen Schuldenform, die als Kapital bereitsteht, wenn ein Finanzinstitut in Schwierigkeiten gerät. Der innovativste Aspekt dieser Neuregelungen ist, dass die Einschränkungen nicht nur für die Hauptgeschäftsführer der Banken gelten, sondern für alle Topmanager (wobei die Definition von Topmanager allerdings den nationalen Parlamenten überlassen wird).

Was dieses gewaltige Eingreifen in private Leistungsverträge angeblich rechtfertigt, sind die Auswirkungen auf das Gesamtsystem, die diese Bonuszahlungen haben können. Die hohe Bezahlung im Bankensektor, so wird argumentiert, belohne den Erfolg, bestrafe jedoch nicht das Versagen. Die Manager können einfach von einem Unternehmen zum anderen wechseln, wenn es schlecht läuft, und so jede Bestrafung umgehen. Das System belohnt Manager dafür, Risiken einzugehen, auch wenn die Risiken zu hoch sind. Diese Verzerrung wird als eine der Hauptursachen für die Finanzkrise von 2008 angesehen.

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