Michael McGrath (Cork South Central, Fianna Fail)
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67. To ask the Minister for Finance the number of staff in the Central Bank of Ireland who received bonus or retention payments in 2014; the total level of such payments; if his permission for these payments was sought or granted; and if he will make a statement on the matter. [42251/15]

Michael Noonan (Limerick City, Fine Gael)
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Firstly, I should inform the Deputy that under the Central Bank Act 1942, the Treaty on the Functioning of the European Union and the Statute of the ESCB, save as may be required by the terms of the Financial Emergency Measures in the Public Interest (FEMPI) Acts 20092013 as stated below, the Government has no role in the setting of terms and conditions of employment in the Central Bank. The Act, the Treaty 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. Given this independence, the permission of my Department was not sought for the payment of retention payments or bonuses.

However, in order to answer the Deputy's question, the Central Bank has provided the following information to me:

There were no bonus or performance related payments paid by the Central Bank in 2014.  The cost of retention payments made in 2014 was €111,167, which related to four individuals. The Central Bank has made further information on these and other retention payments available in a statement released on 25th November, which is available on its website at this link: .

As I have stated, this information has been provided by the Central Bank and these retention payments are entirely a matter for the Bank. The remuneration policy of the Bank is determined by the Central Bank Commission, which must take account of the need for the Bank to fulfil its essential financial regulation functions. However in doing so, the Bank's remuneration policy must also abide by the Financial Emergency Measures in the Public Interest (FEMPI) legislation given the Central Bank is covered by the FEMPI Acts. I have been informed by the Central Bank that it has obtained legal advice that the payments under its retention policy are compliant with the FEMPI Act.