Merve The Swerve Is Paid More Than Any Other Central Banker

[Realistbear]

http://www.bloomberg.com/apps/news?pid=20601102&sid=aJKZHJp_8Ibs

King Refuses BOE Pay Raise as Era of U.K. Wage Restraint Looms

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By Svenja O’Donnell

June 3 (Bloomberg) -- Bank of England Governor Mervyn King, the highest-paid among the world’s top central bankers last year, refused a raise for this year and 2011 as an era of wage restraint looms to curb Britain’s record budget deficit.

“In relation to 2010 and 2011 the governor has advised the remuneration committee that he does not wish to receive any increase in his salary,” the central bank’s annual report said. King took a 2.5 percent raise to 305,368 pounds (

$445,318)

including benefits on July 1 2009, according to the document published on the bank’s website yesterday.

King already refused a revamped salary package when he was reappointed in 2008 which would have increased his basic pay to at least 375,000 pounds. His compensation currently exceeds that of the highest-earning U.K. government officials and is more than double the 142,500 pounds Prime Minister David Cameron receives, according to a list of salaries released on June 1.

King’s pay now exceeds the 360,612 euros ($440,055) earned in 2009 by European Central Bank President Jean-Claude Trichet, whose salary was previously higher in dollar terms before the European sovereign-debt crisis prompted a drop in the euro.

Federal Reserve Chairman

Ben S. Bernanke’s salary this year is $199,700,

while Bank of Japan Governor Masaaki Shirakawa’s pay in the fiscal year through March 31 was 34.9 million yen ($378,607) after he and his policy board took a 2.4 percent salary reduction.

Budget Deficit

Britain posted its largest April budget deficit since monthly records began in 1993 after the shortfall reached a postwar high of 11.1 percent of gross domestic product in the fiscal year through March. King last month endorsed the government’s plans to curb the deficit after a year of urging politicians to take faster action on the budget.

The Bank of England employed about 3 percent more staff last year “due to the extra workload brought on by the bank’s new responsibilities,” the report said. Its workforce totaled 1,685 full-time and 219 part-time employees.

King, writing in the foreword to the annual report, reiterated the bank’s commitment to its 2 percent inflation target after consumer prices rose in April at the fastest annual pace since 2008.

“Despite its volatility, inflation remains low by historic standards, and on track to meet the target in the medium term,” King said. “As such, the framework has proved resilient to the stress of the financial crisis. It guided our monetary policy decisions going into the crisis, and it will guide them coming out of it.”

Seems that they have all been living too high on the Hog under the Brown regime. However..............................when you consider that one of our big Banksters was paid in bonuses more than ALL of the central bankers put together for a single month's "work" the salary does not seem so bad.

Edited June 3, 2010 by Realistbear

[Shmoo]

http://www.bloomberg.com/apps/news?pid=20601102&sid=aJKZHJp_8Ibs

King Refuses BOE Pay Raise as Era of U.K. Wage Restraint Looms

Share Business ExchangeTwitterFacebook| Email | Print | A A A

By Svenja O’Donnell

June 3 (Bloomberg) -- Bank of England Governor Mervyn King, the highest-paid among the world’s top central bankers last year, refused a raise for this year and 2011 as an era of wage restraint looms to curb Britain’s record budget deficit.

“In relation to 2010 and 2011 the governor has advised the remuneration committee that he does not wish to receive any increase in his salary,” the central bank’s annual report said. King took a 2.5 percent raise to 305,368 pounds (

$445,318)

including benefits on July 1 2009, according to the document published on the bank’s website yesterday.

King already refused a revamped salary package when he was reappointed in 2008 which would have increased his basic pay to at least 375,000 pounds. His compensation currently exceeds that of the highest-earning U.K. government officials and is more than double the 142,500 pounds Prime Minister David Cameron receives, according to a list of salaries released on June 1.

King’s pay now exceeds the 360,612 euros ($440,055) earned in 2009 by European Central Bank President Jean-Claude Trichet, whose salary was previously higher in dollar terms before the European sovereign-debt crisis prompted a drop in the euro.

Federal Reserve Chairman

Ben S. Bernanke’s salary this year is $199,700,

while Bank of Japan Governor Masaaki Shirakawa’s pay in the fiscal year through March 31 was 34.9 million yen ($378,607) after he and his policy board took a 2.4 percent salary reduction.

Budget Deficit

Britain posted its largest April budget deficit since monthly records began in 1993 after the shortfall reached a postwar high of 11.1 percent of gross domestic product in the fiscal year through March. King last month endorsed the government’s plans to curb the deficit after a year of urging politicians to take faster action on the budget.

The Bank of England employed about 3 percent more staff last year “due to the extra workload brought on by the bank’s new responsibilities,” the report said. Its workforce totaled 1,685 full-time and 219 part-time employees.

King, writing in the foreword to the annual report, reiterated the bank’s commitment to its 2 percent inflation target after consumer prices rose in April at the fastest annual pace since 2008.

“Despite its volatility, inflation remains low by historic standards, and on track to meet the target in the medium term,” King said. “As such, the framework has proved resilient to the stress of the financial crisis. It guided our monetary policy decisions going into the crisis, and it will guide them coming out of it.”

Seems that they have all been living too high on the Hog under the Brown regime. However..............................when you consider that one of our big Banksters was paid in bonuses more than ALL of the central bankers put together for a single month's "work" the salary does not seem so bad.

I'm surprised the wage is that low (compared to what they could be earning as investment bankers). Although it does refer to 'basic pay'. I wonder what sort of bonus scheme, if any, he is on?

[Realistbear]

I'm surprised the wage is that low (compared to what they could be earning as investment bankers). Although it does refer to 'basic pay'. I wonder what sort of bonus scheme, if any, he is on?

Ask no questions and tell no lies.............................

[R K]

Not dissimilar to the average bonus paid to every 20 something kiddie in Goldman Sachs trying to steal from us.

And there are thousands of those f*ckers.

[Minos]

However..............................when you consider that one of our big Banksters was paid in bonuses more than ALL of the central bankers put together for a single month's "work" the salary does not seem so bad.

You can't expect the monkey to be paid more than the organ grinders.

[BalancedBear]

He should get a pay cut, as he has missed the inflation target by far more than any other western central bank. This just shows that the pay level has no bearing upon results.

[Laura]

As Merv is also a director at the B.I.S. (the Nazi bank), his BOE job is part-time.

One assumes he also holds other positions

[Guest_James Toney_*]

do you think he give a F*** about IR or anything, all he has to do is write a letter , and always just says it is a temporary

so he dont really care all the money he is making, does what he thinks the government will like, not what is good for the country,

[indirectapproach]

Anyone know if he gets a grace and favour gaff above the shop or whatever ...?