Friday 23 February 2018

Exceptions to salary cap must be exceptional

With both external and internal economic conditions continuing to worsen, the government's apparent inability to get something as basic as a public sector salary cap right does little to inspire confidence.

Today we report that the new deputy governor of the Central Bank, Swedish economist Professor Stephen Gerlach, is to be paid an annual salary of €250,000. This is €50,000 more than the €200,000 cap on public sector salaries imposed by Public Expenditure and Reform Minister Brendan Howlin.

In fairness to Mr Gerlach, it would seem as if the salary he will be paid in this country is no more than what he was being paid in his current position. Central Bank governor Patrick Honohan wrote to Finance Minister Michael Noonan seeking his consent to breach the salary cap pointing to Mr Gerlach's "scarce and exceptional" skills.

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