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Forty senior officials of the central Bank of Greece have submitted their resignations as a sign of protest against the law, which stipulates a ceiling on the salaries of managers of financial institutions and public enterprises. The law was adopted on Friday with the vote on the plan for conducting privatizations in Greece and suggests that the salary of a member of the board of an institution related to public property cannot receive more than 5,000 euro gross or 2,900 euro net per month.

Among those who have resigned is the head of the supervisory authority of banks, Yiannis Gousios. He had been temporarily assigned to this post to replace Vasilaki Zaka, who is currently a board member of the State Property Management Fund.

Gousios’ example was followed by the supervisor of the private insurance market to the Bank of Greece Haralabos Vogiatzis, the head of economic research Isaac Sabete, the economic head of the central bank Christos Papakonstantinou as well as by the heads of internal audit and control departments.

The governor of the Bank of Greece, George Provopoulos, has not yet publicly commented on the mass resignations of his senior subordinates.