Central Bank’s profits boosted by record level of fines
A record amount in monetary fines imposed on financial firms and individuals by the Central Bank in 2021 contributed to profits at the bank last year increasing by 59% to €1.32 billion.
That is according to the 2021 annual report for the Central Bank which reveals that a dividend of €1.067 billion will be paid to the Exchequer.
In the report, which has been laid before the Oireachtas, the Central Bank partly credits the increase in profit with an increase in “Other Net Income” from €201m to €264m due to increases in financial regulation monetary penalties and financial regulation industry funding levy income.
The Central Bank’s monetary penalty income increased almost three fold from €24.68m to €67m – the report states that the €67m “is the highest amount imposed in a single year to date”.
Income from the financial regulation industry funding levy rose from €170m to €185m.
Another major contributor to the profits was the Central Bank’s net realised gains from financial operations last year doubling €652.2m in 2020 to €1.27 billion.
The Central Bank’s overall net income increased by 43.45% from €1.16 billion to €1.67 billion while its expenses increased only marginally from €339.8m to €356.1m.
The report shows that pay to Central Bank Governor Gabriel Makhlouf rose from €288,22 to €293,257. It also states that Mr Makhlouf also receives a UK public service pension.
The salary for Deputy Governor of Prudential Regulation, Ed Sibley, for 2021 was €255,006 compared to €250,630 for 2020. Earlier this year, the Central Bank announced the departure of Mr Sibley when his term ends in August.
Central Bank Governor Gabriel Makhlouf
The salary for the Central Bank’s other Deputy Governor, Sharon Donnery was at the same level at €255,006 for 2021.
The senior officials were three of 12 Central Bank employees to be paid more than €190,000 last year.
Another 40 staff received pay between €150,000 and €190,000 with another 250 earning between €100,000 and €150,000 last year.
In total, 302 members of staff earned over €100,000 at the Central Bank last year. This compares to 266 in that earning bracket in 2020.
The report discloses that pay to key management personnel in 2021 was €11.49m compared to €10.85m in 2020.
Article Source – Central Bank’s profits boosted by record level of fines – RTE
