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Big Pay For Alpha Bank Execs

alpha bankDespite a law that says no private banker can be paid more than the head of the National Bank of Greece, eight executives at Alpha Bank, the country’s third largest lender, were paid above the legal maximum permissible for bankers, documents published by the lender suggest.
According to the prospectus published to announce a share capital increase at the bank, the eight executives received gross salaries ranging from  €360,000 to €434,000 (or €190,000 to €260,000 net) in 2012, Eleftherotypia reported.
These rates appear to be in violation of a law (generally known as the Alogoskoufis law, after the New Democracy minister who sponsored it), which states that “the pay may not exceed the total remuneration of the governor of the Bank of Greece.”
It is understood that the gross salary of the governor of the Bank of Greece – the country’s central bank – was about €300,000 that same year, or about €100,000 net.
Parliament enacted the law in response to the nascent economic crisis, in order to boost bank liquidity.
Greece’s banks are awaiting a 50 billion euros ($65 billion) recapitalization to keep them liquid after a previous government imposed 74 percent losses to write down the country’s debt during a staggering economic  crisis.
While the Alpha Bank prospectus refers to the limits on bank pay, the same document also shows that it exceeds them. The newspaper identified the highly-paid executives and their salaries as:

  •    Yannis Costopoulos, chairman, €400,000 (€260,000 net)
  •     Dimitris Mantzounis, CEO, €434,231 (€230,319 net)
  •     Spyros N. Filaretos, executive director and general manager, €426,989 (€226,450 net)
  •     Artemis Theodoridis, executive director and general manager, €427,459 (€226,756 net)
  •     Yiorgos Aronis, executive director and general manager, received €423,573 (€227,943 net)
  •     Alexis Pilavios, general manager, €426,977 (€226,305 net)
  •     Spyridon Andronikakis, general manager, €360,754 (€190,267 net)
  •     Vassilios Psaltis, general manager (appointed in February 2012), €412,532 (or €212,195 net)

The document also states that executive members and general managers have the use of a bank car and credit card.

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