Business Irish

Sunday 19 January 2020

New Central Bank Governor already in line for pay hike

Gabriel Makhlouf will get €292,000
Gabriel Makhlouf will get €292,000
Charlie Weston

Charlie Weston

ONLY three months into the job and new Central Bank Governor Gabriel Makhlouf is already due a pay rise.

The decision comes just months after he arrived to take up the role following his controversial exit from a senior job in New Zealand.

His salary is set to rise by €5,700 to €292,526. The Central Bank Commission, or its board, approved the pay hike at its November meeting, the minutes of the meeting show.

This rise takes effect from next October.

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When the new governor took up his role the Central Bank had approved a salary of €286,790 for him. But it will now rise by around 2pc next year.

Deputy Governors Ed Sibley and Sharon Donnery also had pay rises approved for them, taking their salary to €254,370 each. Director general Derville Rowland will see her salary rise to €243,772.

The minutes state: "Based on a consistent approach to the Bank's application of the relevant legislation to all staff in the Bank (Financial Emergency Measures in the Public Interests Acts and the Public Service Pay and Pensions Act), it was proposed that the salaries of Governor Makhlouf, Deputy Governors Donnery and Sibley and Director General Rowland be adjusted accordingly."

Former Governor Professor Philip Lane was on a salary of €286,790.

Last spring Gabriel Makhlouf's scheduled departure from his job as New Zealand Treasury Secretary became mired in controversy over his handling of a budget leak.

Irish Independent

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