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Central bank's head is against making BNR's directors' pay public

bnr

The National Bank of Romania (BNR)'s governor, Mugur Isarescu doesn't agree to the pay of the central bank's directors' to be made public, considering that they work in an international market and their payment should be competitive to those in other countries.

According to Isarescu, by the end of August the BNR's Board will make public three elements regarding the pay inside the BNR, adding that he, personally, is against making the directors' salaries public. Isarescu further explained his point of view, saying that besides 3 or 4 Northern banks, no other European country makes public the salaries of their directors, because they are part of the international competition.

He added that, also by the end of the month, a situation of other European states will be revealed to the public, too. Isarescu said that apart from what other European banks do, the BNR is doing surveillance, which, added he, the bank of Hungary, for example, doesn't. At the same time, the BNR's Board deals with resolving complaints filed by the credit institutions on the penalties they have received.

According to him, the moment the BNR had decided to keep the directors' pay secret the situation was the same in most of the central banks of European countries. The decision was part of the financial independence of the central bank, he added.

Agerpres

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