Ethics committee forces resignation of ex-commissioner from investment bank

NBNK Investments announced McCreevy's resignation after the European Commission’s ethics committee found the position to represent a conflict of interest on 24 August this year.

"Following a dialogue with the European Commission, it has not been possible to find a way in which Mr McCreevy can continue with his directorship of NBNK in a manner compatible with his standard responsibilities as a former European Commissioner."

"In the circumstances, Mr McCreevy has resigned from the board with immediate effect in order to comply fully with his obligations."

The ex-commissioner, who had been responsible for overseeing the bloc's internal market, would have netted from NBNK €61,000 a year initially and €122,000 following the group's first acquisition. The job would have been just one of a string of directorships and advisory positions Mr McCreevy has nabbed after leaving the EU executive.

Earlier this year, the body gave McCreevy the green light after his hiring by low-cost Irish airline Ryanair.

Even former European Commissioner Joe Borg is reported to be getting a ‘double salary’ as part of his transition into the job market from his former Brussels post.

Borg is receiving both a salary from Fipra, a PR consultancy lobbying on maritime issues, and an €11,000 monthly allowance from the European Commission.

The Commission pays the transitional money for three years after a Commissioner is not reappointed, and the sum is between 40-65% of the basic salary of a commissioner (€20,278 per month), depending on the length of service.

Upon leaving office, Borg was entitled to a resettlement allowance of €19,909 – what is in effect one month’s salary for Commissioners. His travel expenses and moving costs back to Malta from Brussels should have also been reimbursed.