Dáil Éireann Debate, Tuesday - 23 April 2013
208. Deputy Pearse Doherty asked the Minister for Finance if he will outline the rationale for providing for a €100,000 termination bonus for the Financial Regulator who was appointed in January 2010 and who has recently tendered his resignation to the Central Bank of Ireland. [18462/13]
View answer210. Deputy Pearse Doherty asked the Minister for Finance if he will outline the duties to be performed by the Financial Regulator during his remaining six months employment at the Central Bank of Ireland; and if he will provide the expected salary and allowances to be paid to the Financial Regulator during this period. [18464/13]
View answerI propose to take Questions Nos. 208 and 210 together.
The terms of the contract agreed by the Central Bank with the Deputy Governor Financial Regulation provided for a performance related payment of €100,000 payable on review of performance at the end of the third year of the contract. When Mr. Elderfield's contract was agreed in November 2009 the bonus was part of an agreed remuneration package which involved a 50% pay cut from his salary in Bermuda. Mr. Elderfield subsequently took a 15% cut in his Central Bank salary.
Mr. Elderfield agreed to defer the payment of any possible performance related bonus, which was due in January 2013, as part of his terms and conditions of employment agreed, until the end of his employment with the Bank. Mr. Elderfield has subsequently advised the Commission of the Central Bank that he has waived his €100,000 bonus entitlement at the end of his contract of employment. The Deputy Governor of Financial Regulation will continue performing the duties as outlined in the contract of employment. However, where a conflict of interest could be perceived in supervisory and other issues he will step away with immediate effect from involvement in these issues. Remuneration for the period is as per the terms in the contract of employment.
