Dáil Éireann Debate, Tuesday - 18 December 2012
176. Deputy Pearse Doherty asked the Minister for Finance if he will confirm the reason the Governor of the Central Bank of Ireland (details supplied) is earning in 2012 approximately 40% less than his deputy. [56864/12]
View answerUnder the Central Bank Act 1942 and the Statute of the European System of Central Banks (ESCB), the Government has no role in the setting of terms and conditions of employment in the Central Bank. The Act and the Statute guarantee the independence of the Governor in carrying out his ESCB related functions and control over pay and conditions is seen as a necessary part of that independence. The employment of staff at the Central Bank and their terms and conditions are matters for the Central Bank Commission, therefore, I am not privy to the contractual arrangements that apply.
The Central Bank publishes information related to remuneration of executive and non executive directors in its annual report. In 2011, the Governor earned a salary of €276,324. The Deputy Governor (Financial Regulation) earned €340,000, having agreed a cut of 15% on his original salary of €400,000. The Deputy Governor (Central Banking) was appointed on 1st September 2011 with an annual salary of €250,000. In 2011 the Governor of the Central Bank waived €41,740 of his total remuneration, which resulted in a net remuneration of €234,584 for that year and has indicated that he will waive €63,324 of his total remuneration in 2012.
