The Average Annual Salary at Spain´s Bad Bank Is 105.000 Euros

20/08/2014 – Expansion

The Management Company for the Assets Arising from the Banking Sector Reorganization, known as Sareb, hires 126 employees. Its directors, chief executives, administrative workers and salesmen earn 105.000 Euros annually on average.

Cayo Lara, Spanish left-wing coalition IU-ICV-CHA´s head, thinks the amount is excessive as per a public company because it almost quintuplies the average monthly earnings of regular Spaniards. The politician questions Sareb´s outgoings, especially that in 2013 the bad bank declared a loss of €216 million.

In response, the Government defends: ´the renumerations at Sareb are the averages of the financial and the real estate sectors, given the expertise of its employees´.

What is more, on its birth in 2012 the bad bank had to hire the top executives whose salaries inflated the mean amount. At the end of 2013, Sareb employed 194 workers who allegedly earned less than 80.000 Euros annually.

The President assures the average, high salaries are overestimated due to the need of Sareb to outsource services. ´Spain´s bad bank has no own management network´, he points out.


Original article: Expansión (after Europa Press)

Translation: AURA REE