Central Bank Governor received salary prior to taking role

For over a three-week period, Philip Lane was being paid while Patrick Honohan was still in office...

Central Bank Governor received salary prior to taking role

Philip Lane at the MacGill Summer School in 2011. Photo /RollingNews.ie

Professor Philip Lane received a salary from the Central Bank for the 25-day period before he actually took on the role, according to the Irish Independent.

The former Trinity College economist was confirmed as the Governor of the Central Bank on October 20th and took up his post on November 26th, the day after Professor Patrick Honohan left the job.

However, Lane held the title of 'Governor Elect' from November 1st.

This earned him a gross payment of €15,997, based on a Deputy Governor scale, before he started his job.

A spokeswoman for the Central Bank told the Irish Independent that during the period Prof Lane was engaging with staff at the Central Bank and European Central Bank "to most effectively carry out the role of Governor from his start date on November 26th".

"This is common practice for such roles," the spokeswoman continued. "Governor Lane was appointed to the Central Bank Commission in October 2015 by the Minister for Finance in order that he could fully discharge his responsibilities upon taking up the role on his start date".

The spokeswoman confirmed that there was no such handover when Prof Honohan took over from John Hurley in 2009.

"Mr Hurley's term of office finished on October 25th, and Prof Honohan came in on October 26th. The difference in this one also is that the Minister appointed Philip Lane to the Commission, a month before his start date.

"In order to be a member of the Commission and see the documents, he had to come in and work as a member of staff".

Prof Lane was not receiving a salary from Trinity College during this time, "in keeping with the One Person One Salary principle".