Crisis-hit Spanish bank workers called for nationwide protests on Wednesday, fuming over tens of thousands layoffs in the industry and lashing out against top executives they hold responsible.
The Spanish banking sector is still staggering from the blow of a 2008 property crash, which left lenders awash with bad loans.
Prime Minister Mariano Rajoy last year secured an agreement for a European Union rescue loan of up to 100 billion euros (RM397.58 billion) to fix the banks' balance sheets, and a first slice of 37 billion euros (RM147.10) has already been pumped into stricken banks.
Unions say the result of the banking crisis has been tens of thousands of jobs axed for ordinary workers.
At the same time, they say, top executives, such as former Bankia chairman Rodrigo Rato and the former vice president of Bankia parent group BFA, Jose Luis Olivas, have escaped punishment.
Spain's largest union, the Workers' Commissions (CCOO) and the General Workers Union (UGT) called for street protests Wednesday evening outside the Bank of Spain headquarters in Madrid and in other cities including Barcelona and Valencia.
"We think it is unacceptable that those who abused their managerial positions in the financial entities bailed out by the state, such as Mr. Rato and Mr. Olivas, among others, should stay free while being responsible for bringing thousands of Spanish families into ruin," said a statement by the UGT.
"Meanwhile, more than 30,000 jobs have been destroyed since 2008 and all the forecasts point to another 20,000 being destroyed in the next five years."
Rato, a former managing director of the IMF who resigned as chairman of Bankia in May 2012 days before it was bailed out by the state with billions of euros, has become a target for critics of the management of the banking system.
Bankia lies at the heart of the banking crisis with by far the greatest losses on its balance sheet. It has so far received around 18 billion euros (RM71.56 billion) from the European rescue loan, and in November it announced 6,000 layoffs.
On December 20, Rato was questioned by a judge over fraud charges related to the collapse of Bankia. Despite the unresolved questions, Spanish telecoms giant Telefonica announced Friday it had hired him as an adviser.
The Bank of Spain is also on the back foot after being harshly criticised for its surveillance of the financial system.
"We have detected some shortfalls, vagueness, and a failure to update procedures that should be corrected," said a report drawn up by an internal committee of the central bank and published late Tuesday.
The report, required by Brussels as one of the conditions of the rescue loan for Spain, notably recommended placing a central bank inspector permanently in each of Spain's 16 largest banks to more closely monitor their business.
The Bank of Spain noted that it already has had inspectors based in the two biggest lenders, Santander and BBVA, for more than 10 years, and in CaixaBank, Banco Popular, and Banco de Sabadell for the past three years.
AFP
Wed Jan 09 2013
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.