Central Bank had 256 staff earning €100,000 or more last year

The number of people earning €100,000 or more at the Central Bank increased again last year, its annual report shows.

According to figures published on Wednesday, a total of 256 staff at the bank earned over €100,000 per annum last year, up from 210 in 2018 and 162 a year earlier.

Overall, there was a 22 per cent rise in the numbers earning over €100,000, following a 30 per cent increase in 2018.

The annual report also shows that the number of people earning between €90,000 and €100,000 increased, rising 19 per cent to 203 from 170 in the prior year.

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The figures come as the Central Bank reported a profit of €2.56 billion for 2019, down 14 per cent versus the €2.98 billion recorded a year earlier. Surplus income of €2.05 billion was paid to the exchequer.

Remuneration of key management personnel rose to €10.2 million from €9.3 million.

Gabriel Makhlouf, who succeeded Philip Lane as Central Bank Governor in September 2019, received remuneration of €95,597 for the four months to the end of December. He also received €9,000 for relocation expenses linked to his move from New Zealand.

Mr Makhlouf's annual salary is set at €286,790. His predecessor earned €139,433 for the January to May period, after which he left the Central Bank to take up the role of chief economist at the European Central Bank in June 2019.

Sharon Donnery, who served as acting governor prior to Mr Makhlouf's appointment, earned €70,466 in the role. She also received a further €183,635 in her role as deputy governor.

Ed Sibley, deputy governor for prudential regulation, received remuneration of €244,909, up from €235,218 a year earlier.

Employee numbers

The number of people employed at the Central Bank was more than 1,950 last year, including graduates. Some 1,190 of these earned €60,000 or more compared to 1,019 in 2018.

The Central Bank said that as of the start of January 2020, its gender pay profile is 2.2 per cent in favour of male employees, a reduction of 0.2 per cent versus the prior year.

Publishing the bank’s annual report and performance statement, Mr Makhlouf said the regulator’s focus on strengthen the financial system had contributed to the State’s ability to deal with the initial shock of Covid-19.

He warned the impact of the pandemic would continue to be felt for some time and also said responding to Brexit also remains a key priority.

Consultancy costs fell to €6.3 million from €15.9 million in 2018, the regulator said.