Salaries banking millionaires under control
The Bank of Spain controlled by law from Wednesday’s million dollar salaries of the bank to ensure they are consistent with good risk management, following the entry into force of the law on financial intermediaries who publishes the Official Gazette ( BOE).
This body, together with the CNMV, may collect information on the number of people in each credit institution and investment firms with earnings of at least one million euros and transmit this information to both the European Banking Authority (EBA) and the European Securities and Markets (ESMA).
The institution president Miguel Angel Fernandez Ordonez will endorse and transmit as such entities and groups the guides on these issues and committees adopt international agencies active in banking regulation and supervision.
Specifically, such remuneration millions in credit financial institutions include the area of business involved, the main components of salary, incentives, bonuses and long-term pension contribution.
The Bank of Spain, which is responsible for supervising credit institutions, analyze at least once a year the remuneration policies and practices, and assess the risks that such systems can be subjected.
The Spanish central bank may require each credit institution that holds government standards including remuneration policies and practices consistent with the promotion of sound risk management and effective to comply with the rules to be established in this regard.
These measures include a package of six amendments incorporated by the PSOE in the proceedings in the Senate of the Financial Intermediaries Act and that Congress received the backing of all groups except the PP, which abstained, and CiU, who voted against.