Central Bank Report €1.2bn Profit

The Central Bank have reported a yearly profit for 2011 of €1.2bn, most of which has been paid to the Government as a dividend.

In its annual report published this morning, the Central Bank says the governor, Patrick Honohan, will take another voluntary pay cut this year.

Most of the Central Bank's profit of €1.2bn came from lending money to commercial banks.

After making deductions for its own expenses and retained earnings, the Central Bank will pay €958m to the Government as a dividend - up on the €720m it paid in 2010.

Mr Honohan’s net salary will be €213,000 next year, down from €234,000 last year.

The bank almost doubled the number of enforcement actions taken against financial institutions from 797 to 1,419, while the number of onsite inspections more than doubled, from 137 to 325.


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