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[Varche]

The Popular Party(Conservatives) administration on Friday announced it would cut salaries for top executives at all savings banks that received public money.

   Deputy Prime Minister Soraya Sáenz de Santamaría said the Cabinet decided to make cuts of up to 70 percent in such salaries as part of the government's drive to steer Spain's public finances out of the red.

The measure is part of the broader financial sector reform announced on Thursday by Economy Minister Luis De Guindos. The Cabinet has capped annual salaries for bank presidents at 600,000 euros. This would affect the heads of those institutions that needed a bailout from the Orderly Bank Restructuring Fund (FROB), and Sáenz de Santamaría said the salaries would vary from bank to bank. The new limits would also affect other institutions that got FROB money, such as Bankia, or in which the government intervened, such as CAM, Novacaixagalicia and Banco de Valencia.

http://www.elpais.com/articulo/english/Cabinet/puts/salary/caps/at/banks/that/got/public/money/elpepueng/20120203elpeng_8/Ten

Watch out Britain. If you reduce your bankers pay by just a paltry amount and they quit in disgust there may be droves of Spanish bankers to fill their places. 

[Sir Tigger KC]

Seeing as Santandar are a big name on the high street these days following their takeover of Abbey, I should think their already here in droves!!    .......and brought their Spanish practices with them.... 

[Dishevelled Den]

It may salve an itch in some of those who have been critical of the culture of generous rewards in this sector - but in the overall, will it make much difference to the kitty on a national level?

[albitz]

Doubt they could handle the pressure cooker that is the square mile tbh. Apparently approx 75% of all investment transactions in Europe happen there.
No afternoon siesta etc.
What happens if the ones worth their salt jump ship and go and work for A.N.other bank which wasnt bailed out ?
Bailed out banks might fall apart and taxpayers lose the money possibly ?

[Rods2]

At €600,000 a year, if anybody leaves, we can send them somebody with outstanding banking ability and experience....






Fred Goodwin 

[albitz]

Might even get the Spanish equivalent of a Knighthood for his efforts.

[Rods2]

 

[Sir Tigger KC]

Don Fred el Shred?