The Central Bank has published pay scales of staff for the first time. 

The new Governor of the Central Bank, Philip Lane, said the move was designed to provide a greater understanding of the bank as a public organisation and prospective employer. 

The pay scales shows salaries range from €24,250 for a bank officer, to €140,051 for a head of division and €170,000 for staff holding positions of director at the Central Bank. 

The figures show that 4.3% of Central Bank staff earn less than €25,000, while over 70% earn between €25,000 and €74,999. 1% of its staff earn over €150,000.

In a wide ranging speech to the Institute of Directors, Professor Lane also said the bank would publish minutes of meetings of the board of the bank for the first time.  

The information will be disclosed about six weeks after each meeting. Minutes of the bank's December meeting will be published early next month.  

While market sensitive information will not be disclosed, the minutes will reveal corporate governance issues, internal debates and initiatives the bank is taking to fulfill its objectives. 

In his speech, Mr Lane confirmed new mortgage rules designed to prevent booms and busts "should be viewed as a permanent feature of the system."  

He said the first review of the new rules will be published in November this year. He said the Central Bank was open to "tightening or loosening" the rules in response to evidence. 

Professor Lane also said that the country needs rules to avoid boom and bust cycles as its small, highly globalised economy makes it especially vulnerable to economic shocks.

Professor Lane also said that the country needs rules to avoid boom and bust cycles as its small, highly globalised economy makes it especially vulnerable to economic shocks.

He said the Irish economy had benefited significantly from external factors such as low interest rates and a 20% fall in the value of the euro against the dollar in the past 18 months. 

With the global outlook uncertain, Ireland must be careful to avoid a repeat of the "costly boom-bust cycle" that it had endured in the last decade, he told the Institute of Directors.

"Small, highly globalised countries such as Ireland are inherently more volatile than larger economies: we can grow strongly for extended periods but are also especially vulnerable to negative shocks," Professor Lane said.

"For this reason, it is essential that the central bank is proactive in the deployment of macroprudential policies that can improve resilience and mitigate the pro-cyclical dynamics associated with excessive leverage," he added.

He said global economic and financial conditions were the main risk factor for the economy, but that the bank would be "keeping a watchful eye" on risks related to Britain's planned referendum on whether to leave the European Union. 

Independence of Central Bank raised as an issue in new report

Separately, the independence of the Central Bank from Government has been raised as an issue in a report published today on the effectiveness of the organisation. 

The study says the bank scores well on the majority of international standards but it has highlighted some short comings.

The report by the US advisors Promontory assessed five reviews of the bank including one by the IMF. 

The reviews raised concerns about the circumstances under which a member of the Central Bank's board can be dismissed by the Minister for Finance.

It also highlighted the requirement that the bank seek Ministerial approval before revoking a licence from a commercial bank to operate in Ireland.

The report had reservations about the current structure of the board of the Central Bank which is required to include a senior official of the Department of Finance, who is usually the secretary general of the Department.  

The bank responded to the concerns raised by saying that there were no observed political interference only hypothetical concerns. 

All five reviews raised the issue of the bank's ability to attract and retain high calibrate staff due to uncompetitive pay scales in comparison to the private sector. 

The reviews also make recommendations regarding the refocusing of supervision to companies which have a low or medium risk to the economy. 

The report also calls for additional legislation to give more powers to the Central Bank.