The new governor of the Central Bank of Ireland, Philip Lane, bids to show more transparency in the organization first by publishing the pay scale and human resource policies.
As part of its effort to boost public confidence in the organization, the Central Bank on Friday published the data on its salary structure as well as HR policies for the first time, The Irish Times reported. Speaking at the Institute of Directors' Spring lunch, Lane said, "By providing greater details on our human resources policies, we aim to enhance understanding about the Central Bank as a public organisation and prospective employer."
Minutes of the meetings will also be released to the public six weeks after each meeting. The December meeting minutes, with Lane as the new governor, will be made available next month. "The publication of these minutes should contribute to greater understanding of our corporate governance, the internal debates we have and the initiatives that we're planning," explained Lane who took over the position in November.
Meanwhile, the Central Bank has been in the spotlight following its introduction of new mortgage lending rules last year which have greatly impacted first-time homebuyers. The bank has been called on to review and made adjustments to the rules. Lane earlier this month told The Irish Times that the mortgage rules will be reviewed beginning this summer. As an update, the governor said during his first speaking engagement in Dublin that the review will be published in November.
"The rules-based framework is intended to promote the resilience of both banks and households and, as such, should be viewed as a permanent feature of the system," he said.
"The Central Bank is open to tightening or loosening the calibration of these rules in response to the evidence; still, the value of stability in a rules-based framework means that the evidence threshold to justify adjustments to these rules is significant," he added.
