Despite the financial crisis, Cyprus has five bankers who received over €11 million in remuneration between them in 2015, according to a European Banking Authority (EBA) report released this weekend.
This was one more banker with such a high salary than in 2013 and 2014 when four people fell into that category of earners.
From the total paid out to the five, some €7.29m was in fixed remuneration and €3.65m in variable remuneration, or bonuses. On average the five were paid €2.3m each for the year but when broken down it showed that one received a total remuneration of €3.5m. They were all classed as employees of banking institutions.
Under Directive 2013/36/EU (CRD IV), the European Banking Authority (EBA) is required to publish aggregated data on high earners earning €1 million or more per financial year. The competent authorities are responsible for collecting the relevant information from credit institutions and investment firms and for submitting it to the EBA.
The EBA has analysed the data provided to it for the year 2015, and compared it to the 2014 data.
The main results of this analysis was that the number of high earners who have been awarded €1 million or more in annual remuneration for 2015 increased significantly, from 3,865 in 2014 to 5,142 in 2015, up 33 per cent.
This was mainly driven by changes in the exchange rate between EUR and GBP, which led to an increased staff income paid in GBP when expressed in euros, the EBA said.
While 30 Member States participated in the data collection, high earners were reported for only 22 Member States. In eight of those, the number of high earners was less than 10. The number of high earners per country ranged from one person in Greece to 4,133, in the UK. The highest payment bracket goes up to €34 million.
The proportion of high earners considered to have a material impact on the institution’s risk profile within the business area of asset management has slightly increased compared to 2014, but remains relatively low at 64%, the EBA said.