Monday 24 October 2016

'Bonuses' in the Central Bank deserve answers

Published 19/11/2015 | 02:30

The Central Bank headquarters in Dublin
The Central Bank headquarters in Dublin

The Roman poet Juvenal's philosophical question arises again in relation to the Central Bank: "Who will guard the guards themselves?"

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A select number of managers in the Central Bank are being paid secret "bonuses".

The main trade union for Central Bank staff is taking legal advice over the confidential payments of more than €20,000.

Unite says the payments breach emergency laws cutting pay and banning bonuses in the public sector.

And those getting the confidential payments have to sign a contract promising to keep "the fact and the amount of the payment confidential", according to a copy of contracts.

The banking regulator is describing the payments as "retention" pay to certain senior staff to stop them leaving.

However, the lack of transparency in the process is of legitimate public interest, as the Central Bank is there to serve the public.

If all payments were made to the 30 staff concerned, the total cost would be €501,530.

The Central Bank is obliged to provide more thorough answers to allay any concerns.

Irish Independent

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