Friday 23 March 2018

ECB chief Draghi earns just €30,000 more than number two at Central Bank

Donal O'Donovan

Donal O'Donovan

THE head of the 17-nation ECB Mario Draghi is paid just €30,000 more than the number two man at the Irish Central Bank.

Mr Draghi was dubbed 'Super Mario' after cutting interest rates twice in quick succession last year, in his first months as head of the ECB. His salary is fixed at €371,000 per year.

That is just €31,000 higher than the €340,000 paid to the deputy governor of the Irish Central Bank Matthew Elderfield, though as a "eurocrat" living outside his home country Mr Draghi also has the use of an ECB house in Frankfurt.


Mr Elderfield's pay is high even by Irish standards and compares to the €213,000 pay package of his boss Patrick Honohan.

Mr Draghi took a pay cut when he was handed the top job at the ECB.

As governor of the Bank of Italy until the end of 2011 he earned a hefty annual salary amounting to €757,714 according to the Bank of Italy's yearly report released yesterday in Rome.

Yesterday Ignazio Visco, who took over from Mr Draghi in Rome, called on bank executives yesterday to reduce their pay.

"The present level of labour costs is unlikely to be compatible with the prospective growth of the Italian banking system," Mr Visco said in a speech in Rome.

"The compensation of directors and top managers too must reflect the objective of containing costs." (Bloomberg)

Irish Independent

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