NINETY-FOUR bank managers were allegedly fined last year for ‘serious’ or ‘very serious’ offences, and a further 11 banks faced sanctions in their capacity of corporate entities.
According to the Bank of Spain, it fined 42 per cent more financial institution bosses in 2011 than the previous year.
A total of 66 of the offences punished were considered ‘very serious’, says the Bank of Spain’s annual memorandum.
This report includes 336 credit and finance providers which are subject to supervision by the Bank of Spain – three less than in 2010.
The figure includes 29 savings banks which, although they retain their status as credit companies, ceased offering direct finance in 2011, passing these operations to banks during the global financial services industry restructure.