Monday 23 April 2018

Central Bank governor to receive over €260k following pay rise

Central Bank Governor Philip Lane Photo: Tony Gavin
Central Bank Governor Philip Lane Photo: Tony Gavin
Colm Kelpie

Colm Kelpie

Central Bank governor Professor Philip Lane and his deputy Sharon Donnery have received a pay rise of around €7,000 each.

Professor Lane’s gross salary will now be €261,476, up from €254,048, while Ms Donnery’s increases to €227,370, from €220,911.

The increases, which took effect this month, are being rolled out under legislation aimed at ensuring public service pay and pensions cuts introduced during the crisis are restored, according to the minutes of the latest meeting of the Central Bank Commission, released today.

“As the Governor was employed post-July 2013 on the approved salary scale and given the general decision to apply the provision of the FEMPI 2015 Act across the Bank it was proposed that Governor Lane’s salary increase to €261,476 (from €254,048) with effect from April 2017,” the document states.

“In order to maintain the previously approved salary ratio of 1.00 to 1.15 it was proposed that Deputy Governor Donnery’s salary increase to €227,370 (from €220,911).”

In addition, the minutes noted the restoration of increments for staff on salary scales with a minimum starting point in excess of €100,000.

The changes were signed off by the Central Bank Commission at the end of February.

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