It seems logical Bank of Spain president Fernández Ordoñez that citizens should be embroiled in the millions of euros paid out to savings bank managers. To us, it is a shame that the sinecures were agreed to and paid out without the supervisor, regional governments and other government groups doing anything to stop it. The reality is simple: there is no control measure in place. Up until now, if a savings bank can barely compensate its management.
The agreements were in most cases contingent upon a new management team would consider the payments disproportionate and fight to abolish them, as happened with Caja Madrid. The issue is that even now, after the Caja de Ahorros del Mediterráneo (CAM) and NovaCaixaGalicia, all the implicated savings banks are throwing their hands up and blaming each other without taking responsibility for their own actions.
The governor, now in scandal, took it upon himself to modify the norms years ago when he created the Frob, for example, to have put an end to these payment structures for banks that had received federal aid. Feijoo, president of Xunta, leader of the biggest Galician savings bank told a representative from the committee that he neither wanted nor could stop the exorbitant salaries and retirement payments.
The advisers, who are looking after the interest of collectives and institutions, didn't even inform them when they gave the go ahead. Everyone is as guilty as those who agreed to the payments, and everyone is embroiled in the scandal.
