Editing Rodrigo Rato (section)

===Bankia===
Rato assumed the presidency of [[Caja Madrid]] in 2010, a public [[savings bank]] based in the [[Community of Madrid]], and after a merger with other six saving banks he assumed the presidency of the new group now called [[Bankia]]. On 7 May 2012, he resigned amid growing concerns about the solvency of the bank. Although the core capital ratio was 10,4%, the Popular Party Government planned to lend about 8 billion euro to the bank to increase its solvency, as was done before throughout Europe (e.g. [[ING Group|ING]] and [[Northern Rock]] crisis). Due to his political ties to the governing PP, which decided to inject the funds, Rato resigned.<ref>{{cite news|url=http://economia.elpais.com/economia/2012/05/07/actualidad/1336394387_753458.html|title=Rato dimite como presidente de Bankia|trans-title=Rato resigns as president of Bankia|date=7 May 2012|newspaper=El Pais}}</ref> He had his salary cut from €2.3 million to €600,000 annually in 2011 due to new laws for rescued banks.<ref>{{cite news|url=http://www.elmundo.es/elmundo/2011/12/30/economia/1325268623.html|title=Rodrigo Rato pasa de ganar 2,3 millones a 600.000 euros|newspaper=El Mundo}}</ref>