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Escolano will earn 204,114 euros less per year as a minister than at the EIB

The elected by the President of the Government as a substitute for Luis de Guindos will have a salary of 73,650 euros per year

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Escolano will earn 204,114 euros less per year as a minister than at the EIB

Román Escolano will lose 204,114 euros per year in salary when accepting appointment as Minister of Economy of Mariano Rajoy. Escolano, who until now was vice-President of European Investment Bank (EIB), had a salary of 277,764 euros per year. However, as head of economy portfolio, annual remuneration is 73,650 euros per year, according to transparency Portal, a 73.5% less than its current salary.

The eight Vice-Presidents of EIB, a position that Escolano has maintained since 2014, have same monthly remuneration as Vice-Presidents of European Commission, 23,147 euros, as explained on its website. The same applies to Presidents of this institution, who have a salary of 25,554 euros, equivalent to that of ir Commission counterparts.

However, from age of 65 he will be able to charge a lifelong pension for having served as Vice-president at EIB. Escolano will be entitled to a remuneration of 35,623 per year, as pensions depend on time y have been in European Investment Bank, and are calculated with 4,275% of basic salary received for each year in post. Escolano has left half a six-year term expiring in September 2020.

The Directorate of EIB, founded in 1958 and based in Luxembourg, is composed of a President and eight Vice-Chairpersons (although re was now a vacant position). They are appointed by Council of Governors — composed of Ministers of Finance of 28 member States — for a six-year term. The president is German Werner Hoyer. The Vice-Presidents, all men, are Italian Dario Scannapieco; The British Jonathan Taylor; The Frenchman Ambroise Fayolle; The Irishman Andrew McDowell; The Slovak Vazil Hudák; The Finn Alexander Stubb; And until yesterday, Spaniard Román Escolano.

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