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Salaries of new administration of Portugal's State-owned bank to be maintained: PM

Xinhua, December 6, 2016 Adjust font size:

The salaries of the new administration of Portugal's State-owned bank Caixa Geral de Depositos (CGD) will not be altered, Portugal's Prime Minister Antonio Costa said on Monday.

"This is a political decision that has been taken and will be maintained," he said during a visit to a factory in Torres Novas, around 110 km north of Lisbon.

Costa's comments came after Portugal's Left Bloc, which backs the Socialist government together with the Communist Party, deemed the salaries of directors of the bank to be "unacceptable."

According to local media, the new director, Paulo Macedo, will be earning over 630,000 euros a year.

The Portuguese government appointed Portugal's former Health Minister Paulo Macedo to be the bank's CEO on Friday, following Antonio Domingues' resignation on Nov. 27.

Domingues' resignation came amid talks to recapitalize the bank, which had been agreed by Portugal and the European Commission in August, but is being delayed due to a court ruling ordering the bank's team to declare their income and assets.

Costa said Monday that the focus now should be on implementing the recapitalization plan. Endit