BIS Chief Caruana Paid 70% More Than ECB’s Trichet Last Year

Bank for International Settlements General Manager Jaime Caruana was paid 70 percent more than European Central Bank President Jean-Claude Trichet last year.

Caruana earned 758,600 Swiss francs ($906,115) “before expatriation allowances” in 2010, the Basel-based BIS said in its annual report today. Trichet was paid 367,863 euros ($523,505). The comparison is boosted by the strength of the franc, which in the past two years has appreciated about 30 percent against the euro and the dollar.

Caruana earned more than four times as much as U.S. Federal Reserve Chairman Ben Bernanke, who was paid $199,700 in 2010. The head of Switzerland’s central bank, Philipp Hildebrand, was paid 994,800 francs last year.

The BIS, known as the central bank for central banks, holds currency reserves on behalf of its members and provides policy makers with a forum for discussion.

To contact the reporter on this story: Jeff Black in Frankfurt jblack25@bloomberg.net

To contact the editor responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net

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