Dáil Éireann Debate, Tuesday - 12 May 2015
273. Deputy Pearse Doherty asked the Minister for Finance the procedure under which the next Governor of the Central Bank of Ireland will be chosen; the remuneration package that will be offered; and if he will make a statement on the matter. [18233/15]
View answerSection 19 of the Central Bank Act 1942, as amended, sets out the rules and procedure for the appointment of the Governor of the Central Bank. Section 19 provides that the Governor is to be appointed by the President on the advice of the Government. The term of appointment is seven years. While the Governor has announced his intention to retire, the details of the date of retirement are yet to be confirmed. A process for appointment of a new Governor will be commenced shortly.
Regarding the remuneration package, the Deputy will note that Section 19(1) provides that remuneration, allowances and conditions of service are determined by the Central Bank Commission. The Central Bank provides details of the remuneration of executive and non-executive directors of the Central Bank Commission in its Annual Report. The recently published Central Bank Annual Report 2014 notes that the remuneration of the current Governor is €254,048 of which Governor Honohan gifted €57,048, under Section 483 of the Taxes Consolidation Act 1997, to me as Minister for Finance. This resulted in a net remuneration of €197,000 for 2014.
