This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
Dublin: 1 °C Monday 18 November, 2019

The Central Bank has paid out €230,000 in order to keep key staff, but says they're not bonuses

They say they’re designed to keep key staff.

Image: James Horan/

THE CENTRAL BANK of Ireland says it has paid out over €230,000 to retain key staff, but that these payments are not bonuses.

Last week it was revealed that staff would share in up to half a million euro in the payments, with 29 staff getting an average of 21% of their salary.

However, the Central Bank has tonight said that these payments allow it to keep key staff and do not constitute bonuses.

A statement said that the bank faces issues retaining and attracting staff in the “key competitive market in which it operates and found it necessary to introduce a retention policy in 2014″.

“The policy remains in place today and currently applies to 29 people, located in two areas of the Bank. Under the contractually agreed arrangements, these individuals have, or will, receive retention payments that are, on average, 21% of their annual salary. These are retention payments and not bonuses. These payments are made in tranches designed to ensure continuity of service of staff.

“The vast majority of those covered by retention agreements are in the professional and administrative grades that Unite, the Union represent (four are or were more senior staff).

“The full cost of retention payments made to date is €234,176. The retention payments are specific and time-bound and are subject to normal deductions.”

The Central Bank says that in 2013, €73,000 was paid out, with that rising to €111,167 in 2014 and €50,009 this year.

The statement says that the agreement accounts for 0.1% of the Central Bank pay bill since 2013.

Read: Safe and flashy: Here’s what the new €20 note will look like

Read: Central Bank accused of turning blind eye to crisis warnings

  • Share on Facebook
  • Email this article

Read next: