UPDATE: Former Bankia chief axed from his role within the PP

FORMER Bankia and IMF chief Rodrigo Rato has been expelled from his political role within the PP.  

The country’s ruling party went into damage limitation mode this week by suspending 13 party members caught up in the ‘magic’ cards expenses scandal.

Rato and more than 80 former executives at Bankia and Caja Madrid face possible criminal charges over allegations that they spent a collective €15 million on tax-free company credit for personal expenses.

The judge presiding on the case ruled that Rato must pay €3 million to the High Court or face having his home repossessed and his assets seized.

Former Caja Madrid chairman, Miguel Blesa, has also been ordered to pay €16 million for his mismanagement of Spain’s second biggest bank.