Bank of Portugal refuses to divulge employee salaries

Bank of PortugalThe Bank of Portugal considers that an obligation to inform the government of staff salary and bonus levels applies to all banks in Portugal, apart from one - the Bank of Portugal.

The Bank of Portugal has refused to send to the government a list of salaries, bonuses and benefits paid to their employees as the bank’s management thinks the law does not apply to the country’s central bank.

This law requires that agencies and public companies as well as regulators and foundations communicate information on basic pay, salary supplements, shifts, flexible working hours and other perks and benefits (use of car, credit cards , phone etc..)

'Pursuant to the legal status of the Bank of Portugal as a central bank integrated into the European System of Central Banks, it is clear that it can not be bound by such obligations." 

According to the bank‘s management, led by Carlos Costa, Law 59/2013 was not written to include the Bank of Portugal and that if the bank lets the government know what it is paying its employees it would be a "restriction of independence."

News on October 4th explained that the Governor of the Bank of Portugal had requested information on all top bankers’ pay to ensure that “Portugal's banks have the public’s trust.”

The unwillingness of the Bank of Portugal to offer details of pay and bonus levels, whether required to by the new law or not, does not set a good example and will serve only to make the public suspicious of the bank‘s largesse towards employees at a time when Portugal’s banks are under pressure to share the pain of the crisis.


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