As bonus supervisor, Michel Camdessus has submitted to Christine Lagarde, Minister of Economy, Finance and Industry, his report on the implementation by french banks of rules agreed under France leadership in Pittsburgh’s G20 summit. The report focus on banks that have benefitted from governement’s capital injection.

The report concludes with an overall satisfactory application of standards by French banks. It mentions that the implementation of new standards and the action of bonuses supervisor have roughly reduced 2009 bonus pool by 800 million euros ...

"The full implementation of the rules remains a priority for 2011. I expect banks to continue to moderate compensation packages in 2011 ", Christine Lagarde said.

The report also finds that new standards have led to many improvements: performance consideration, strengthening of internal control, better governance with compensation committee, deferred payment of a substantial part of compensation.