Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will confirm the reason the Governor of the Central Bank of Ireland (details supplied) is earning in 2012 approximately 40% less than his deputy. [56864/12]

Michael Noonan (Limerick City, Fine Gael)
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Under the Central Bank Act 1942 and the Statute of the European System of Central Banks (ESCB), the Government has no role in the setting of terms and conditions of employment in the Central Bank. The Act and the Statute guarantee the independence of the Governor in carrying out his ESCB related functions and control over pay and conditions is seen as a necessary part of that independence. The employment of staff at the Central Bank and their terms and conditions are matters for the Central Bank Commission, therefore, I am not privy to the contractual arrangements that apply.

The Central Bank publishes information related to remuneration of executive and non executive directors in its annual report. In 2011, the Governor earned a salary of €276,324. The Deputy Governor (Financial Regulation) earned €340,000, having agreed a cut of 15% on his original salary of €400,000. The Deputy Governor (Central Banking) was appointed on 1st September 2011 with an annual salary of €250,000. In 2011 the Governor of the Central Bank waived €41,740 of his total remuneration, which resulted in a net remuneration of €234,584 for that year and has indicated that he will waive €63,324 of his total remuneration in 2012.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will provide an explanation as to the reason there are at least six staff at the Irish Bank Resolution Corporation earning more than €400,000 per annum whilst no staff at the National Asset Management Agency earn salaries in 2012 of more than €400,000 per annum. [56865/12]

Michael Noonan (Limerick City, Fine Gael)
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Following the appointment of the current CEO of IBRC in September 2009, the entire executive of the Bank was replaced with an appropriately skilled senior management team, to lead the newly formed IBRC (the combined former Anglo Irish Bank and former INBS) through the process of wind down. I have been informed that external search consultants were utilised in open and transparent recruitment processes, to identify and hire senior management with the requisite skills to deal with the challenges of working out the Bank’s distressed loan books. I have been advised that remuneration in IBRC complies with the recommendations put forward by CIROC with regards to the remuneration applicable to the positions of the CEO and senior management of the Bank.