Austrian bank CEO returns millions in pay

• Herbert Stepic returned 2 million euros to his company%2C Raiffeisen Bank
• The CEO said his pay was inflated by strong stock performance
• Stepic said returning the money is his contribution to %27rigorous cost-saving measures%27

VIENNA (AP) — The head of Austria's Raiffeisen Bank has returned millions of euros of his pay from last year, saying the size of his remuneration goes against his and the bank's values.

Herbert Stepic reimbursed 2 million euros ($2.6 million) of the 4.9 million euros he received for 2012, saying his pay had been inflated by his bank's strong share performance.

In an e-mail to staff forwarded Tuesday to The Associated Press by the bank's corporate communications department, Stepic describes his move as "my personal contribution to the rigorous cost-saving measures in our company."

The EU decided to limit bankers' bonuses to twice their yearly salary in February.