Dáil Éireann Debate, Thursday - 20 February 2014
61. Deputy Michael McGrath asked the Minister for Finance if he has had any discussions with the Central Bank of Ireland regarding any possible salary increases this year for its employees; the current policy of the Central Bank of Ireland on salary increases; if any salary increases have already been sanctioned for Central Bank of Ireland staff; and if he will make a statement on the matter. [8802/14]
View answerUnder the Central Bank Act 1942, the employment of staff at the Central Bank and their terms and conditions are matters for the Central Bank Commission. I have no role in sanctioning conditions of employment of staff in the Central Bank. Whilst the Central Bank of Ireland is empowered under the Central Bank Act 1942 to set the terms and conditions of employment of its staff, I have been informed by the Central Bank that it has implemented the pay adjustments and pay restraint provisions of the various Financial Emergency Measures in the Public Interest Acts (FEMPI) since 2009. The Central Bank's current pay policy reflects the on-going pay restraint measures of these statutes since their enactment.
I have been further informed by the Central Bank that it has commenced a process to undertake a review focused on the future organisation design and structure necessary to deliver its strategy and mandate in an effective, flexible and efficient manner. The review will be wide ranging covering for example, internal structures, career paths and internal processes. The review itself is not expected to be completed before 2015 due to the scope involved, with the implementation of any agreed recommendations to follow on a phased basis. While the review will also include an examination of potential reward models for the future, the Central Bank has been, and continues to be, subject to the various statutory public sector pay adjustments in recent years, comprising of pay reductions and consequential on-going pay restraint.
