Sharon Donnery earns €220,000 a year as Central Bank deputy governor

Salary set in line with a ratio of deputy governor to governor of 1.00 to 1.15, which indicates salary of the governor, Prof Philip Lane, is €254,048

Sharon  Donnery  was appointed deputy governor for central banking in succession to Stefan Gerlach.

Sharon Donnery was appointed deputy governor for central banking in succession to Stefan Gerlach.

 

Central Bank deputy governor Sharon Donnery took up the post this month on an annual salary of €220,911, official records show.

Minutes from the January meeting of the Central Bank Commission, which oversees the institution’s work, state that Ms Donnery’s salary was set in line with a ratio of deputy governor to governor of 1.00 to 1.15.

This indicates that the salary of the governor, Prof Philip Lane, is €254,048.

Ms Donnery, formerly director of credit institutions in the bank, was appointed deputy governor for central banking in succession to Stefan Gerlach. The deputy governor for financial regulation is Cyril Roux.

The minutes show that the commission approved a valuation approach for the bank’s 2015 accounts in respect of government bonds held in the wake of the deal to scrap the Anglo Irish Bank promissory note scheme.

Floating rate notes

The minutes, published on the bank’s website, show that policy for the floating rate notes requires an “annual assessment” of the assumptions and the choice of inputs used pricing.

A reply last month to a parliamentary question for Minister for Finance Michael Noonan shows that the bank realised a €1.07 billion capital gain in 2015 on the disposal of such bonds. Such gains contribute to the bank’s overall surplus, about 80 per cent of which goes to the exchequer via dividends.

The bank’s surplus also includes its interest income in respect of the government bonds, which also goes to the exchequer. In another parliamentary reply last month, Mr Noonan said there was “draft” interest income of €669.9 million in 2015.

Without specifying the overall surplus, the minutes said the commission approved the appropriation of the bank’s 2015 profit in January.

In line with legislation from 1943, up to 20 per cent of the surplus goes to the bank’s general reserve.

The balance goes to the exchequer.