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Spanish Banks Rescued by State Must Publish Pay of Executives

Spanish lenders that have received support from the government’s bank rescue fund must publish details of pay for executives and board members, the Bank of Spain said.

Lenders affected by the new rule should publish the information by Dec. 31, the Bank of Spain said in a regulatory circular published on its website today. The information should include details of pay, bonuses and pensions, the circular said.

Banks that haven’t fully paid back the rescue fund cannot hand bonuses to executives without justifying them to the regulator, the Bank of Spain said. Banks that report “mediocre or negative” earnings should reduce variable compensation “in a considerable way,” the Bank of Spain said.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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