The Bank of Spain has imposed fines totalling €2,773,000 on the Cooperative Social Credit Bank and 19 of its executives for breaching remuneration regulations. The fines were published in the BOE and are being appealed in the courts.
The Bank of Spain has imposed fines totalling €2,773,000 on the Cooperative Social Credit Bank, the head entity of the Cajamar Cooperative Group, and on 19 of its management and administrative executives. According to El Digital de Albacete, the fines are due to breaches of regulations regarding remuneration policies.
The majority of the fine is attributed to the entity, amounting to €2 million, while the remaining €773,000 is distributed among those responsible for the case. The resolution, adopted on 24 February 2025, classifies the infringement as serious.
According to the resolution, the entity had not considered at least 15% of the pension commitments of the identified group as variable remuneration, as required by the regulations. This group can significantly impact the bank's risk profile.
The infringement falls under Law 10/2014, governing the organisation, supervision, and solvency of credit institutions. The supervisor specifies that the breaches did not reach the level of significance that this law anticipates.
Among those sanctioned are members of the board of directors, the CEO, and the director of Human Resources. The highest individual fine, of €75,000, is imposed on Manuel Yebra Sola, in his capacity as CEO. Bernabé Sánchez Minguet and Luis Rodríguez González each receive €55,000, while the others receive between €15,000 and €50,000.
The Cooperative Social Credit Bank performs the functions of direction and coordination for the entities in the group, including Cajamar Caja Rural. The fine is not imposed on Cajamar Caja Rural as an independent legal entity, but it does affect the society that coordinates the group.
The fines were published in the Official State Bulletin (BOE) on 5 August 2026, once they were finalised administratively. The procedure began on 24 May 2024. The agency itself warns that the sanctions are being legally challenged and are not final in jurisdictional terms, meaning the courts can still rule on them.
You may also like
