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Bankia bosses ordered to repay bonuses

Fri 26th Oct 2012
Bankia bosses ordered to repay bonuses

The Bank of Spain has ordered Bankia employees to repay the bonuses paid to them in 2011.

Around 5 Million in bonuses were paid to just 72 executives and senior managers after the Bank reported expected profits of 300 Million, however just weeks later Auditors refused to corroborate the claim, and instead posted expected losses of 3 Billion.

The claims led to the Bank being taken over by the Bank of Spain, and the resignation of Chairman Rodrigo Rato.

Bankia was formed in 2010 by the merger of 7 'Cajas', which received 4.5 Billion in state aid and at one time held 10% of the country's savings.

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