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The Bank of Spain has published the sanctions imposed for serious infringements against Banco de Crédito Social Cooperativo, SA and its management and executive officers following the final administrative decision (Art. 115.5 Law 10/2014). The infringement involves breaches of remuneration policies, specifically for failing to include at least 15% of the group's pension commitments as variable remuneration (Art. 93.t, second paragraph, Law 10/2014).
The banking entity has been fined €2,000,000 for the infringement committed (Art. 98.1.b Law 10/2014). Management and executive officers also bear individual financial liability: the Chief Executive Officer has been fined €75,000 and two directors €55,000 each (Art. 101.1.a Law 10/2014).
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