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.