From Iceland — Extreme Pay Rise At Collapsed Bank

Extreme Pay Rise At Collapsed Bank

Published June 6, 2013

The winding-up committee of collapsed bank Kaupþing, a total of four people, received a salary of 269 million ISK last year. The chairman of the committee, Jóhannes R. Jóhannsson, had the highest pay, with over 6.5 million ISK a month, RÚV reports.

This was disclosed at a creditors’ meeting in Harpa on Wednesday.

Two of the committee members received a pay rise of nearly 50% between 2011 and 2012, receiving over 5 million ISK per month. The combined salaries of 2012 had almost tripled from the year before, from 97 million ISK to 269 million ISK.

When asked, Jóhannsson, said to RÚV that the pay rise had been somewhat a reward for a job well done. “Obviously, we have here extremely skilled and good employees who have worked very hard, especially recently,” Jóhannes says. “That’s the reason, first and foremost. But it’s also a natural development and we think this is an acceptable outcome for the creditors and the estate.”

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