The Changing Face of Europe: Linde vs Ordonez

Photographs by Roberto Garver/Bank of Spain via Bloomberg & Angel Navarrete/Bloomberg

Luis Linde (left) replaces Miguel Fernandez Ordonez as Spain's central bank governor

This is an occasional series on who is losing their job amid the European debt crisis, and who is replacing them.

Luis Maria Linde de Castro took up the post of governor of the Bank of Spain yesterday, returning to head the institution he retired from four months ago at the age of 67 – he had worked at the bank for almost 30 years in various roles, including a time as head of the country risk department. Before that, Linde, who is married with two children, worked in Spain’s economy and trade ministries. His main task will be to restore the bank’s credibility after the nationalization in May of the third-largest Spanish lender, Bankia. He will also be at the forefront of Spain’s bank bailout as the country’s chief banking regulator. But he has less than three years to make his mark: current rules mean he will have to step down in 2015, when he turns 70.

Miguel Angel Fernandez Ordonez left his post as governor of the Bank of Spain this week, a month before he was expected to go, amid criticism of banking supervision in the country. He denounced a “campaign” against him after sparring with the government over the bank bailout and budget cuts. Ordonez, who is also 67, was appointed in 2006 by the Socialist government of the time – his first political posts were under Felipe Gonzalez’s government in the 1980s. Ordonez, who earned 176,000 euros in salary in 2011, according to Cinco Dias, previously worked as an executive director of the International Monetary Fund. By coincidence, Rodrigo Rato, the former head of the now nationalized Bankia, which has been at the center of the Spanish banking storm, also worked as an IMF managing director.

Other changes:
The Changing Face of Europe: Roettgen vs Altmaier

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