Central Bank chief's salary on a par with Trichet's, survey finds

Central Bank boss Mr John Hurley is paid €280,000 a year, almost as much as his EU counterpart Mr Jean Claude Trichet, but way behind many of his opposite numbers in Europe, according to the details of a survey released yesterday. Barry O'Halloran reports.

A Reuters survey of the people who effectively control the value of the money in our pockets, shows the world's highest paid central banker is Mr Joseph Sam of the Hong Kong Monetary Authority with $1.14 million (€950,000). One of the best known people in the job, US Federal Reserve chairman Mr Alan Greenspan is paid $171,900 a year.

The survey shows Mr Hurley is paid €280,000 a year and also notes that he has a car and is entitled to a civil service pension, this could be worth up to half his salary.

Mr Jean Claude Trichet, president of the European Central Bank (ECB) is paid slightly more than Mr Hurley, with €284,859 annually.

However, he receives allowances and pension benefits that bring his total package to €470,000. The ECB vice president and executive board members are paid €221,968 and €203,471 respectively.

But it looks like other European central bankers fare far better than either Mr Hurley, or even Mr Trichet. Italy pays its central bank chief, Mr Antonio Fazio, €620,000 a-year. Of the EU countries that disclose the salaries, he is the best paid, taking home €200,000 more than Mr Trichet's complete package. The Netherlands' taxpayers stump up €309,900 for their central bank chief.

Closer to home, Bank of England governor Mr Mervyn King is paid £260,000 (€373,000) putting him in the upper rank of EU and G7 central bankers.

Some European central bankers are paid less than their Irish opposite number. Luxembourg does not reveal individual pay, but three member board of its central bank are paid a total of €424,389.

Austria pays its central bank governor, Dr Klaus Leibscher €222,559, but will not reveal any details of extra benefits.

Finland pays Mr Matti Vanhala of Finlands Bank €214,512, and gives him the use of a mobile phone, car and a daily lunch, bringing him up to €224,311.

A number of European central banks will not say how much they pay their governors. The Bundesbank does not reveal either its president's or its eight board members' pay, but says that the government must approve all their contracts.

Belgium and Spain do not publish their central bankers' pay, but do inform members of their parliaments.

France says its governor is paid the same as a vice president of its council of state, but will not reveal how much that is. Portugal and Greece also keep the information secret.

Outside Europe, the boss of Canada's central bank is paid $269,281 putting him behind many Europeans in the job, including Mr Hurley. Japan pays its equivalent $332,115, putting him on a par with Mr Hurley.

In the US, the Fed has 12 regional presidents whose pay is set by local boards. This ranges from $224,000 for the Philadelphia Fed president to a high of $327,800 for San Francisco's. The New York president, who has a permanent vote on the Fed's open market committee, gets $313,300.