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Bankia executives paid nearly 22 mln euros in 2011
May 29, 2012 / 12:41 PM / 5 years ago

Bankia executives paid nearly 22 mln euros in 2011

MADRID, May 29 (Reuters) - Top executives at Spain's nationalised lender Bankia received salaries totalling 22 million euros ($28 million) in a year when the bank made the second biggest banking loss in Spanish history, stock market data showed on Tuesday.

Former chairman Rodrigo Rato, who stepped down earlier this month when it became apparent the bank could not handle losses stemming from a 2008 real estate crash, earned 2.4 million euros last year, the records showed.

This does not include any possible severance package.

Bankia's 19 billion euro state rescue has helped to dash faith in Spain's ability to recapitalise its banking sector without international help.

Spaniards are shocked at the scale of the losses at Bankia, which restated 2011 results to show a 3.3 billion euro loss on Monday, and reported problematic exposure to the country's shattered real estate sector at more than 35 billion euros.

The biggest Spanish bank bail-out ever comes after repeated government promises it would not use public money to rescue banks. Nearly one in four Spaniards are out of work in a recession-bound economy smarting from drastic government spending cuts.

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