Written answers

Tuesday, 14 May 2013

Department of Finance

Financial Services Sector Remuneration

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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195. To ask the Minister for Finance further to Parliamentary Questions Nos. 208 and 210 of 23 April 2013, if he will confirm by year, separately, the salary and benefits and total remuneration of the Financial Regulator for 2010, 2011 and 2012. [22371/13]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I am informed by the Central Bank that the salary of the current Deputy Governor (Financial Regulation), Matthew Elderfield, is €340,000 per annum which represents a reduction of 15% on his original salary of €400,000 on his appointment in January 2010. The Central Bank’s Annual Report for 2010 shows that in 2010, the Deputy Governor also received a fully taxable relocation fee of €75,000 and a delegate’s allowance of €299. In addition rent subsidy of €5,400 and relocation expenses of €6,670 were paid.

The terms of the contract agreed with the Deputy Governor provided for a performance related payment of €100,000 payable on review of performance at the end of the third year of the contract. The Deputy Governor agreed to defer the payment of any possible performance related bonus, which was due in January 2013, as part of his terms and conditions of employment agreed, until the end of his employment with the Bank.

The Deputy Governor has subsequently advised the Commission of the Central Bank that he has waived his €100,000 bonus entitlement at the end of his contract of employment.

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