Ex-ECB’s Gonzalez-Paramo Multiplies Pay With Move to BBVA

Jose Manuel Gonzalez-Paramo, a former member of the European Central Bank’s executive board, earned 660,000 euros ($895,356) for seven months’ work at Spain’s Banco Bilbao Vizcaya Argentaria SA (BBVA) compared with the 265,104 euros he made in his last full year at the ECB.

Gonzalez-Paramo, 55, who was named to a board post at BBVA in May, earned 565,000 euros in cash and 95,000 euros in share awards, Spain’s second-biggest bank said in its executive compensation report published today. The bank also set aside 131,000 euros to cover pension and insurance obligations for him, BBVA said.

BBVA’s pay award to Gonzalez-Paramo, an executive board member at the ECB from 2004 to 2012, shows the salaries that former central bankers can command in the financial industry. BBVA Chairman Francisco Gonzalez was paid 5.17 million euros in 2013 compared with the 374,124-euro salary earned by ECB President Mario Draghi in 2012.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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