Economy

Eugene

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68. Former Bankia executive gets €14m payoff

Tue May 29, 2012, 03:23 PM

May 2012

Source: The Guardian

Former Bankia executive gets E14m payoff

Giles Tremlett in Madrid
guardian.co.uk, Tuesday 29 May 2012 19.03 BST

A former senior executive at bailed-out Spanish bank Bankia is to receive a €14m (£11.2m) payoff in a move that will cause controversy beyond the country's borders if Europe is asked to help rescue Spain's banks.

As the government seeks to raise the €19bn needed by Bankia, the news that Aurelio Izquierdo would walk away with such a large payoff raised questions about what Spain's troubled banks have been doing with their money.

Another former senior Bankia executive, Matías Amat, received €6.2m for taking early retirement, aged just 58, in September.

News of the payoffs came amid growing uproar over the multimillion euro deals handed out to executives at Spain's cajas, or savings banks, during the boom years when they helped inflate a housing bubble that burst four years ago.

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Read more: http://www.guardian.co.uk/business/2012/may/29/former-bankia-executive-payoff

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