Dáil Éireann Debate, Tuesday - 30 April 2013
203. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Questions Nos. 208 and 210 of 23 April 2013, if he will confirm if a bonus had in fact been awarded to a person (details supplied); if so, the date on which the bonus was awarded; the amount of the bonus awarded; the maximum bonus to which he was entitled; and if he will outline the objectives met by him which gave rise to the award of the bonus [20287/13]
View answerI am informed by the Central Bank that the terms of the contract agreed 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% 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 Central 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.
