Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Spanish bank, Banco de Madrid, is ceasing its operation under the mandate of the Spanish Central Bank. The decision of the Central Bank was taken once the lender’s entire board of directors resigned as a result of an incipient investigation into suspicious transactions. As a result of this, the bank will apply for a collective redundancy procedure affecting its entire workforce of 270 employees.
Since there are no union representatives to negotiate on behalf of the workers, the company gave them 15 days in order to form a bargaining committee that will be made up of a maximum of 13 people. The first request made by this bargaining committee is the approval of five early retirements for staff aged over 60 years old and a severance pay equal to 45 days per year of service, up to a maximum of 42 months. They also requested that the company sets the minimum compensation for around 20 workers with tenure lower than a year. They argue that the bank is solvent and that the sector regulator has calculated there is EUR 30mn available for costs relating to the bank's closure.
8-12-2015
Banco Madrid is finally closing. The final restructuring process was occurred as follows. Voluntary redundancy was taken by 25 workers in the first weeks. After that, of negotiations started for the dismissals of the remaining 287 workers, of which 165 work in the bank's central services and two large branches in Madrid. A severance pay equal to 33 days wages per year worked up to a maximum of 24 months was agreed. By the end of 2015, almost all the workforce is expected to have left the bank. The firm will start 2017 with around 15 workers who are supposed to leave the company in the following months.
Eurofound (2015), Banco Madrid, Closure in Spain, factsheet number 79370, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79370.
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