The European Commission formally agreed to consider a request from UK officials to phase in tougher bonus rules over the next year, a measure intended to give bankers enough upfront cash to cover their tax liabilities in 2011, according to a person close to the talks.

The decision to consider a compromise over the new bonus rules for European banks follows a meeting of commission members and members of the Committee of European Bank Supervisors on Wednesday. At that meeting, the CEBS debated its final recommendations on how it will interpret the European Union's new rule on bonus payouts. The CEBS's final interpretation will be issued next month and has been subject to a month-long period of public comment.