Encouraging signs can be glimpsed with regard to costs, which decreased by 1.2 per cent in the first half of this year compared with a year earlier; the decline was sharper for labour costs, which fell by 1.8 per cent.
It is necessary to continue containing staff numbers and curbing personnel costs, not just for new employees as envisaged by the new national labour contract, but also managers’ and directors’ compensation. Dividend distribution must be weighed carefully, especially where there is a need to maintain or strengthen capital ratios. The rules on banks’ compensation systems are producing their effects.