Sunday 18 February 2018

Super Mario enjoys super pay

The troika is aghast at the salaries the Irish elite pay themselves, and not without reason.

Still, Europe's elite also pay themselves pretty well. ECB president Mario Draghi earned €374,124 last year; well over twice Fed chairman Ben Bernanke's $199,700 (€151,000) salary. The Frankfurt-based ECB published details of Mr Draghi's remuneration in its 2012 annual accounts this week.

Mr Draghi, who succeeded Jean-Claude Trichet in November 2011, also earns more than Bank of England Governor Mervyn King's £305,368 (€353,000).

Still, Mr Draghi's salary will be dwarfed by Mr King's successor Mark Carney, who currently heads the Bank of Canada, and will earn a basic salary of £480,000 when he takes over from Mr King in July. That's more than three times Mr Bernanke's pay.

The ECB's accounts also showed that two former executive board members, Lorenzo Bini Smaghi and Jose Manuel Gonzalez-Paramo, opted to forego their pensions in return for lump-sum payments totalling a combined £2.46m when they departed.

Back home, Central Bank governor Patrick Honohan took home around €213,000 last year, although his salary is much higher than this. Mr Honohan "gifted" €63,324 to Finance Minister Michael Noonan last year – that's a nice present but it still means that his salary is around €100,000 shy of Mr Draghi's.

Curiously, it is Mr Honohan's deputies who now earn similar amounts to Mr Draghi. Matthew Elderfield, who is in charge of financial regulation at the bank, was paid a salary of €340,000 last year which is much closer to Super Mario's. Even Stefan Gerlach, the deputy governor in charge of central banking, pulled in €250,000.

Irish Independent

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