//
you're reading...
Spain

Spanish bankers are having a good crisis

Spanish bankers have boosted their incomes by 50% since 2004 according to a study by Comisiones Obreras, the Spanish trade union central.

The most flagrant excesses relate to banks that have received large amounts of public funds, according to union, which heaped much of the blame on supervision failures by the Spanish Central Bank.

The incomes of board members and top executives in the financial sector stood at Euros 300,000 on average, amounting to 2.1% of profits over the 6 year period to 2010. But in those local savings banks (Cajas) that had received public money, the figure rises to 8.9%.

‘Socially repugnant’

The survey results are “socially repugnant” says Maria Martinez of the union’s financial workers section.  

The union wants to see caps on renumeration packages at the top of the nation’s banks, with that cap set lower for banks receiving public money.  

So far the Spanish state has injected Euros 17.6 billion (£15.3 billion) into its banks via a bail-out fund.

But some analysts believe taxpayers in Spain – and/or across the Eurozone via the European Financial Stability Facility – will be called upon to cough up as much as Euros 100 billion, or around 10% of Spanish GDP, to “rescue” the country’s banks.

Last month, the Spanish government nationalized three troubled banks.

Before Madrid stepped in to bail them out, the bankers got rich on the back of a housing bubble. That burst in 2007, leading to 300,000 homeowners losing their properties, 20%-plus unemployment and some of the harshest austerity measures in the Continent.

The Comisiones Obreras study (in Spanish) is at: http://www.comfia.net/html/22208.html

About revoltingeurope

Writer on Europe's Left, trade union and social movements @tomgilltweets or @revoltingeurope

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Twitter Updates

Enter your email address to follow this blog and receive notifications of new posts by email.

DATA

Anti-social Europe in numbers

WAGES SLIDE

Key facts and figures on wages across the EU

Wealth Inequality in Europe

Get the key facts and figures

RADICAL VOICES

A different take on European issues

Italy’s Healthcare Crisis

Health services are ‘close to collapse’ in Rome, Turin and Naples after years of cuts and privatisation.

550 days, 29 Workers, Zero Job Losses

How a few determined Italian women stopped their factory closing and protected their livelihoods

Filthy Rich

France's Bernard Arnault of the Louis Vuitton Moet Hennessy (LVMH) empire is worth $41 billion. Check out Europe's rich list

SANTA DRAGHI’S COMING

Private banks receive half-trillion-euro gift from ECB

POPULAR FIGHTBACK

Workers and citizens stand up for themselves

FLORENCE’S BUS LUMACA

Workers are on a go-slow over privatisation

Popular resistance delivers results

Lessons from the victory against Madrid privatisation plan

FRENCH FACTORY OCCUPATION

Hundreds of workers occupied the factory of ArcelorMittal in Florange in the north of France

RSS Fight discrimination in Europe – Amnesty Int’l

  • An error has occurred; the feed is probably down. Try again later.

DOMESTIC VIOLENCE

in Italy the home is a very dangerous place to be

LABOUR RIGHTS

Follow Revolting Europe on WordPress.com

Subjects

EUROPE NEEDS A CITIZENS’ REVOLUTION

Read the statement by Lafontaine and Melenchon

The Troika in Portugal – Three Years On

A success story?

THE EURO

The Dossier

FRANCE

GERMANY

GREECE

ITALY

PORTUGAL

SPAIN