requiring credit institutions to limit variable remuneration as a percentage of total net revenues when it is inconsistent with the maintenance of a sound capital base.

With a view to encouraging the use of equity or debt instruments which are payable under long-term deferral arrangements as a component of variable remuneration, Member States should be able, within certain limits, to allow institutions to apply a notional discount rate when calculating the value of such instruments for the purposes of applying the maximum ratio.

Taking into account the restrictions that limit the amount of variable remuneration payable in cash and payable upfront, the amount of variable remuneration which can be paid in cash or cash equivalent not subject to deferral should be limited in order to further align the personal objectives of staff with the long-term interest of the credit institution or investment firm.

determine the type of running and the maximum speed of the train on the basis of variables such as speed limits or any signalling changes.

I do not, however, think that legislation should be used as a tool where speed is concerned, because the state of a road can vary a very great deal, and one road be in a different condition to another.

The present system (regional premium per ewe) and the new system (single premium) would operate alongside each other during the transitional period, but with the following weighting : present system new system 1988 80 % 20 % 1989 60 % 40 % 1990 40 % 60 % 1991 20 % 80 % - more systematic granting of advances on the premium; - phasing out of intervention (the reduction in the intervention price would be the same as that applied to the guide level); - maintenance of private storage; - granting of the premium in respect of only the first 500 ewes per holding (1000 in less-favoured areas); - introduction of a budget stabilizer, as follows : . guarantee threshold of 87 million head (the size of the 1987 flock); . reduction of the basic price ...[+++] by application of a coefficient equivalent to the factor by which the size of the 1988 flock exceeds that of the 1987 flock; . during the transitional period a special guarantee threshold would be fixed for Great Britain (in the event of the application of the variable premium); this would also call for the introduction of a special coefficient.