There is a strong argument in favour of limiting remuneration in the banking sector, said Christian Noyer, governor of the Banque de France, in a speech in Singapore. Noyer said that the healthy profits that banks have recently posted are a result of public policy, rather than an indication that the sector has regained its vitality. As such, he argued, profits should be kept inside the banking system, rather than distributed as dividends.

He noted that pre-crisis regulatory regimes had fostered