Paul Lachine

El riesgo de las primas

CHICAGO – En su período de sesiones de julio, el Parlamento Europeo aprobó algunas de las normas más estrictas del mundo sobre las primas pagadas a los banqueros. El objetivo es el de reducir el riesgo a que se exponen las entidades financieras.

Las nuevas normas obligan a no pagar en efectivo más del 30 por ciento de las primas de los banqueros, a retrasar al menos tres años el pago de entre el 40 por ciento y el 60 por ciento de ellas y a que se invierta al menos el 50 por ciento de ellas en capital contingente, forma nueva de deuda que se convierte en capital social cuando una entidad financiera tiene dificultades. El aspecto más innovador de esas nuevas normas es el de que no se aplican los límites sólo a los consejeros delegados, sino también a todos los altos ejecutivos (si bien se delega la definición de estos últimos en los parlamentos nacionales).

La supuesta justificación para esa gran intromisión en la contratación privada es el efecto sistémico que pueden tener esas primas. Según esa argumentación las altas remuneraciones en el sector bancario recompensan el éxito, pero no castigan el fracaso. Los ejecutivos pueden pasar fácilmente de una entidad a otra, cuando la situación es mala, con lo que evitan cualquier castigo. Ese sistema recompensa a los directores por correr riesgos, aun cuando sean excesivos. Se considera que esa distorsión fue una de las causas principales de la crisis financiera de 2008.

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