Welteke won't get full salary to 2007

Former Bundesbank President Ernst Welteke won't draw his full salary as German central bank chief over the next three years after quitting last week, denying a report in the Financial Times Deutschland newspaper.

Welteke, whose contract was due to run until 2007, will receive a pension "clearly lower" than his salary of 350,000 euros ($423,000) per year as Bundesbank president, said Udo Fleischer, a spokesman for the Frankfurt-based central bank.

The FTD, citing unidentified government sources,