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ECB Board Member Paramo Says Banks Should Stop Dividend Payments

European Central Bank executive board member Jose Manuel Gonzalez-Paramo said banks should stop paying dividends until they recapitalize and dispose of activities that are no longer attractive.

“I don’t see it as sacrilege” Gonzalez-Paramo said in an interview published on the website of El Pais. He added that it was better to not pay a dividend than “have the state come in as a shareholder.”

Spanish banks are among some of the best “brands” in the world, though the current crisis is destroying the model of Spanish savings banks, he also told the newspaper.

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