RTTNews - Monday, the Bank of England said in its Annual Report that it increased bonus and special payments budget in the year through February to 8.1% from the usual 7% of salaries, recognizing the exceptional workload of staff over the last year.
At the end of February 2009, staff numbers increased 6%, which was the first significant rise since 1987. The bank employed 1,642 full-time staff and 215 part-time staff. The increase in staff numbers was due to the extra workload brought on by the Bank's new responsibilities.
We have been concerned about the pressures on staff, particularly on key individuals in the Markets and Banking areas, the annual report stated. Non-executive directors said the present situation is being effectively managed and that the executive management is fully alive to the issues.
According to BoE Governor Mervyn King, new statutory responsibility for financial stability is welcome. But the new responsibility has not been accompanied by any new powers to deal with banks before they fail. Responsibilities and powers need to be aligned, King added.
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