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12.15pm: Questions from the IMA, which represents fund managers, pointing out that the maximum payout ratio for fund managers might not work.
Those paragraphs can be looked up in the paper: http://www.c-ebs.org/Publications.aspx 11.50am: A question now about the idea that CEBS is trying to cap the maximum level of a bonus through setting a maximum payout ratio.
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Remember the payout ratio is only a ratio after all".
The maximum payout, meanwhile, quadrupled on an inflation-adjusted basis".
If everyone chose "seven," the group would get the maximum payout.
Last year the provision lifted the maximum payout, recalculated annually, to $5,751 from $5,112.
"The payout ratio, it's got to go down," he said.
We forecast a progressive dividend payout ratio, from 56% (FY14E), rising to 65% in FY17E.
"But what I like is their commitment" to a specific payout ratio in future years.
Deutsche is also aiming for a dividend payout ratio of 50% in three to five years.
Historically, he said, the payout ratio has hovered around 50 percent for S.& P. 500 companies.
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