Rescued Spain Banks Paid Directors $104 Million, Expansion Says

Seven Spanish savings banks that were bailed out with public money paid their directors almost 80 million euros ($104 million) in basic salaries this year, Expansion reported.

Former International Monetary Fund head Rodrigo Rato was the highest paid, earning 2.34 million euros as chairman of Bankia SA, the newspaper said, citing Bank of Spain figures. Any bonus that Rato or the other executives earn on top of their salaries must be approved by the central bank, the Expansion reported.

The lenders have received more than 17 billion euros of financing from the country’s rescue fund, Expansion said.

To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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