Directors' super bonuses condemned

THE government will bring in a bill to limit the enormous bonuses paid to financial bosses 'within weeks' its chief spokesman said.

Spokesman Luc Chatel said that the French government had demanded that no payments be made to the bosses of Dexia - a failing bank that has been bailed out by Belgium, France, Luxembourg and other shareholders.

The governments pumped €6.4 billion euros into the bank.

Dexia's president Axel Miller, is due a theoretical €3.7m on his departure according to his contract.

Mr Chatel said: "When you are a director you are responsible and to gain from all these errors is not responsible."

Mr Miller himself condemned such payments known as parachutes dorés 'golden parachutes' in the case of directors who had done nothing to merit them but said that in his situation that had not been the case.

Finance Minister Christine Lagarde said she was "keeping vigilante" over the question of golden parachutes, especially in the case of Dexia, but said nothing had been concluded.

The president of the Senate's financial commission Jean Arthuis said he was shocked by the sum.

"They tell me that's the law in Belgium, well, whatever it is, it is time that these directors behave with at least minimum ethical standards to help us to appreciate enterprise and the spirit of enterprise," he said.