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Annual incomes of BNR governor almost have doubled in 2010 - 2015

Annual incomes of BNR governor almost have doubled in 2010 – 2015

Following the meeting on August 27, the National Bank of Romania (BNR) Board decided to disclose the salaries of senior executives (governor, first deputy governor, deputy governors). Thus, according to central bank’s press release, the annual net income of BNR Governor Mugur Isarescu have increased during 2010 – 2015, from RON 595,000 to RON 1,144,069, due to “exogenous factors”.

According to asset declarations, Isarescu’s annual earnings have evolved in the following way: 2009 – RON 617,444; 2010 – RON 595, 456; 2011 – RON 772,380; 2012 – RON 807,679; 2013 – RON 828,950; 2014 – RON 963,652 and 2015 – RON 1,144,069.

BNR notes that the changes in income was due to factors such as: the net wage cut by 25 percent in 2010, the increasing net revenue due to CAS’ ceiling in 2011, the wage indexation in line with inflation rate (2009-2014), granting participation in profit (except 2009 and 2014) and receiving the retirement benefit (one tranche in 2014, two in 2015).

From the legal point of view, central bank points out that the allocation of the retirement benefit by BNR is not conditioned by retirement file submission.

Senior executives are not paid performance bonuses, as they are granted solely to highly-achieving staff members on an exceptional basis. Furthermore, senior executives are not paid, nor are any other members of the lawfully-established committees of the BNR, for chairing or participating in the meetings of these analysis and decision-making bodies (the Monetary Policy Committee, the Supervisory Committee, the Foreign Reserve Management Committee, the Committee for Preparing the Changeover to the Euro, the Audit Committee, etc.).

 

 

 

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