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Four bankers earn €8 mln

31/03/2016 13:59
Four bankers in Cyprus have total earnings approaching €8 million, according to new data from the European Banking Authority, released yesterday.

The small and troubled Cypriot banking system, with non performing loans of €27 billion and a country rating well into junk territory, has more highly paid bankers than Croatia (1) and Greece (1) and the same as Finland.

Their average earnings are, in fact, higher than in Germany and other developed banking systems.

According to the EBA, Cyprus has an executive banker who received in 2014 fixed earnings of €1.7 million and variable earnings (bonus) of approximately €0,4 million.

The other three executives with high salaries received fixed remunerations of €4,5 million and variable remuneration of €1,2 million.

Overall, the fixed remuneration of the four executives in the domestic banking system reach €6,3 million and the variable remuneration correspond to €1.7 million.

In Poland the average earnings of eight highly-paid bankers amount to €1,5 million compared with €2 million in Cyprus.

In Greece, the single highly paid banker receives €1 million, the two thirds of which is variable.

In Portugal the ten highly paid bankers have average earnings of €2,2 million.

The 242 high earners in Germany have average remuneration of €1.7 million, the 171 in France €1,6 million, the 2926 in Britain also have €2 million (such as those in Cyprus) and 153 in Italy have average pay €1.7 million.

According to the European Banking Authority, which monitors the issue because of problems encountered in the past with the perverse short term incentives given by European banks through bonuses, the number of highly-paid bankers reached 3865.

It is 22% greater than the number of 2013 stood at 3178.