Spain ranks fifth in Europe in terms of banking executives who earn above €1 million a year, according to figures released on Monday by the European Banking Authority (EBA).
There were 133 such high earners in Spain in 2013, the last year under analysis, representing a 33% rise from the previous year. In 2011, there were 125 banking execs making in excess of €1 million.
In 2013, Spain was beginning to pull out of a recession and completing a bailout program for the banking sector
Those 133 individuals earned a collective €290.3 million in 2013, of which €102.8 million was fixed remuneration and €187.6 million variable pay.
The first country in this ranking was the United Kingdom, with 2,086 millionaire bankers, with Germany a far-distant second at 397. France came next with 162, then Italy with 138 and Spain with 133.
The figures also show that most of these high earners are in fact making over €2 million a year. There are 52 whose pay is between €1 and €2 million, and 81 who make more than €2 million. The numbers show that 64 individuals earn between €2 and €3 million annually.
The EBA report also has nine Spanish executives making €3 to €4 million, five more who earned €4 to €5 million, and three who brought home between €5 and €6 million in 2013.
That year, Spain was beginning to pull out of a recession and completing a bailout program for the banking sector in order to recapitalize several lenders who had buckled under the pressure of the economic crisis.
Many of Spain’s savings banks were forced to merge after the real estate crash and the credit crunch exposed the weakness of their portfolios and balance sheets, and their poor investment choices.