Central bank defends retention payments to 29 staff

A total of 29 Central Bank staff are currently receiving retention payments on top of normal salaries, the bank said in a statement yesterday.

It said it has paid €234,176 in retention payments to staff since 2013.

The bank has previously said it faces issues retaining and attracting staff and had found it necessary to introduce a retention policy. It said the total cost of the retention agreements to date represented 0.1 per cent of the Central Bank pay bill over the period.

The bank said €73,000 in retention payments were made to staff in 2013, €111,167 in 2014 and €50,009 in 2015.

It said the “vast majority” of those covered by retention agreements are in the professional and administrative grades represented by the Unite trade union, with four in more senior posts.

The policy currently applies to 29 people working in two areas of the Central Bank, it said. The payments amount to more than 21 per cent of the €67,000 to €84,000 salaries they are paid.

It said it is satisfied that payments are compliant with legislation.