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Are there really over 1000 employed at the Central Bank?

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    #32
    Count Dooku
    Registered Users Posts: 2,416 ✭✭✭Count Dooku


    I was driving from Belfast to Dublin at Friday morning around 10 am and I seen traffic jam about 4-5 miles long from Newry roundabout to south
    Was it coincidence:rolleyes: or this strike again was a good reason for another group PS workers to take day off for shopping on north?


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    #33
    erictheviking
    Closed Accounts Posts: 102 ✭✭erictheviking


    Count Dooku wrote: »
    I was driving from Belfast to Dublin at Friday morning around 10 am and I seen traffic jam about 4-5 miles long from Newry roundabout to south
    Was it coincidence:rolleyes: or this strike again was a good reason for another group PS workers to take day off for shopping on north?
    What a load of rubbish! I'm sorry but thats a pathetic post. 600 people go on strike and you claim they caused a 4-5 mile tailback in their rush to go shopping:D:D:D It was simply the end of the month, A lot of people get paid at the end of the month and go shopping!:D Also, they are entitled to spend their hard earned beer vouchers wherever they want.
    Even if it was the central bank workers what is your problem with it?
    They would have been on there own time as they were not being paid


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    #34
    erictheviking
    Closed Accounts Posts: 102 ✭✭erictheviking


    Player_86 wrote: »
    I was looking at the prospectus for the Graduate Programme in the Central Bank there a month or so ago. In the section entitled Benefits, there were all the usual suspects e.g. competitive salary, travel to work scheme etc...

    And there was also a defined benefit pension.

    These things have to change.

    Why? Just because you don't get the same benefits?:rolleyes: If people have crap working conditions they should take it up with their tightass employers. I'm not PS but I don't begrudge people who have better working conditions than me. Fair play to them! You get paid what your worth. End of! I'm pretty sure the workers there would all be highly qualified and vastly experienced.
    The next argument from the keyboard warrior element would be that 'Our taxes pay for them'!
    Get real! We all pay taxes, not just the keyboard warriors.
    Its just Begrudgery!


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    #35
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    Sleipnir wrote: »
    I know a guy who works in the Central Bank. Was laughing last January when he got a 10% pay-rise!

    They also posted a profit. But never mind...


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    #36
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    Player_86 wrote: »
    These things have to change.

    Why?


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    #37
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    2008 Annual Report:

    http://www.centralbank.ie/data/AnnRepFiles/2008%20Annual%20Report%20-%20Rev%2017%20July%2009.pdf


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    #38
    Count Dooku
    Registered Users Posts: 2,416 ✭✭✭Count Dooku


    erictheviking wrote: »
    Even if it was the central bank workers what is your problem with it?
    They would have been on there own time as they were not being paid

    Problem is that financial regulator and central bank are two bodies which primary responsible for crisis. You cannot blame FF government, because Central Banks must be independent from governments according article 108 of EU treaty.
    They caused all this mess and they don’t have any rights to protest


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    #39
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    Count Dooku wrote: »
    They caused all this mess and they don’t have any rights to protest

    You gotta love monocausal reasoning. So simple.


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    #40
    erictheviking
    Closed Accounts Posts: 102 ✭✭erictheviking


    Count Dooku wrote: »
    Problem is that financial regulator and central bank are two bodies which primary responsible for crisis. You cannot blame FF government, because Central Banks must be independent from governments according article 108 of EU treaty.
    THE BOARD & HIGHER RANKING OFFICIALS along with Property Developers, private sector banking officials who chanced their arm and lost,buy to let chancers,greedy retailers,gormless politicians, speculators and all manner of other chancers helped cause all this mess and they don’t have any rights to protest

    Fixed it for you:D:D


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    #41
    sk8board
    Registered Users Posts: 3,369 ✭✭✭sk8board


    erictheviking wrote: »
    Why? Just because you don't get the same benefits?:rolleyes: If people have crap working conditions they should take it up with their tightass employers. I'm not PS but I don't begrudge people who have better working conditions than me. Fair play to them! You get paid what your worth. End of! I'm pretty sure the workers there would all be highly qualified and vastly experienced.
    The next argument from the keyboard warrior element would be that 'Our taxes pay for them'!
    Get real! We all pay taxes, not just the keyboard warriors.
    Its just Begrudgery!


    the problem with defined benefit pensions is a simple one: its the future cost, not the current cost.

    In 1997 we had about 260k PS employees, today we have about another 100k.

    Its the pension bill in 2030 thats the problem.

    At least McCreevy in his infiinite wisdom set up the National Pension Reserve Fund to try off-set the problem, but one thing is for certain: we can't keep shovelling out DB pensions to new PS recruits. That ship has sailed. The future country can't afford them.

    its not begrugery, its maths.


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    #42
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    Are central bank employees part of the National Pension Scheme? Are Central Bank employees classed as Civil Servants? I would prefer a link to a yes or no.


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    #43
    whatnext
    Registered Users Posts: 915 ✭✭✭whatnext


    erictheviking wrote: »
    Fixed it for you:D:D

    A board with a Union leader in it


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    #44
    waffleman
    Registered Users Posts: 580 ✭✭✭waffleman


    viking wrote: »
    Arent they self funded? Or more accurately arent they funded through levies on banks? Dont think public money is involved... open to correction on that

    http://archives.tcm.ie/businesspost/2007/04/01/story22361.asp

    looks to be about 50 / 50 split between bank levies and public money according to this. OOPS Just noticed this is for the financial regulator staff only (369 out of 1022.5 employees according to the annual report)

    The rest of the article doesnt paint a pretty picture either - that's some increase in operating budget... 44% in 3 years from 2004 to 2007!!


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    #45
    jmayo
    Registered Users Posts: 13,186 ✭✭✭✭jmayo


    nesf wrote: »
    The individual national central banks still do a lot of work under the ECB. Just because we don't have our own currency anymore doesn't mean that the work involved has disappeared. The CB still manufactures and distributes banknotes and coins etc.

    Well apart from those that work at the mint in Sandyford what are all those in Dame St doing ?
    Oh wiat they phone up the likes of Trichet to tell him we are f***ed due to their inactions and incompetence :rolleyes:
    Then they relay the messges back to the minister of finance and provide a fancy messaging service to their friends who head the banks to tell them the taxpayers are bailing them out.
    erictheviking wrote: »
    Why? Just because you don't get the same benefits?:rolleyes: If people have crap working conditions they should take it up with their tightass employers. I'm not PS but I don't begrudge people who have better working conditions than me. Fair play to them! You get paid what your worth. End of! I'm pretty sure the workers there would all be highly qualified and vastly experienced...

    Highly qualified and vastly experienced my ar**.
    Yeah that is why they let the banks become insolvent through uncontrolled lending and they allowed the government run the country into the ground through their inaction or rather actions.

    Oh here it comes, that was all IFSRA's fault. :rolleyes:
    Oh but wait who are IFRSA, who were it first two distinguished bosses, liam o'reilly and michael neary ex central bank.
    They are one and the same with a transfer of bods in eithers direction.
    Flamed Diving wrote: »
    Why?

    Because we have no F****** money and can't afford it in the future :mad:

    FFS can people not understand we can't afford to pay for these pensions any longer.
    We will probably have private sector workers working until they are 68 in 20 to 30 years time.
    Of course the public sector workers will retire with lumpsum and defined benefit at 65 or even earlier for some employees. :rolleyes:
    Flamed Diving wrote: »
    Are central bank employees part of the National Pension Scheme? Are Central Bank employees classed as Civil Servants? I would prefer a link to a yes or no.

    They may not be civil service, but they still work for the state.
    Sorry let me repharase that, they are employed by the state. :mad:

    Here we go again with the differentiations between civil service, co council employees, HSEs, semi states, quangoes, etc, etc.
    They are all employees of the state, meaning they probably get paid in some fashion out of the revenues of the state.
    Most are employed in organisations that do not make money, or enough money, and thus do not pay for their salaries nevermind their pension entitlements.

    I am not allowed discuss …



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    #46
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    jmayo wrote: »
    Because we have no F****** money and can't afford it in the future :mad:

    FFS can people not understand we can't afford to pay for these pensions any longer.
    We will probably have private sector workers working until they are 68 in 20 to 30 years time.
    Of course the public sector workers will retire with lumpsum and defined benefit at 65 or even earlier for some employees. :rolleyes:

    But the CB posted a profit (yet again) last year. From what I gather, their pension fund is not directly linked to the National Pension Scheme (this is what I am trying to clarify here, but no one provided a link). So knowing that the former is true, and assuming the latter. I don't see the problem. I'm open to correction, not baseless opinion.


    jmayo wrote: »
    They may not be civil service, but they still work for the state.
    Sorry let me repharase that, they are employed by the state. :mad:

    Here we go again with the differentiations between civil service, co council employees, HSEs, semi states, quangoes, etc, etc.
    They are all employees of the state, meaning they probably get paid in some fashion out of the revenues of the state.
    Most are employed in organisations that do not make money, or enough money, and thus do not pay for their salaries nevermind their pension entitlements.

    No, if you even bothered to skim the annual report that I provided above you will see that the Central Bank is more than capable of paying its own employees (which it does, read the report), and to hand over €290m directly to the Dept of Finance, to boot (how many salaries does that cover?*).

    So whats the problem?




    *Average wage for a adminstrative civil servant is €46,742.28, according to CSO. That surplus income pays the salaries of around 6,208 admin, for example.


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    #47
    Daithi31
    Closed Accounts Posts: 2 ✭Daithi31


    Fact -> CBFSAI is entirely self funded, and so is it's pension. It is not linked to the general PS/CS pension in any way.
    10% pay increase mentioned earlier - complete BS unless the person was promoted. The proposal included to halve all flexi-leave, and abolish it completely for those above a certain grade.


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    #48
    edanto
    Registered Users Posts: 2,809 ✭✭✭edanto


    I'm a bit confused. What does the state pay for in relation to the central bank? Do we pay wages? What happens the profit? What do the member banks pay for?

    Perhaps I could find this out with research... but I'm only on my lunch break and I'm hoping someone here will know!


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    #49
    bamboozle
    Registered Users Posts: 3,699 ✭✭✭bamboozle


    Count Dooku wrote: »
    Problem is that financial regulator and central bank are two bodies which primary responsible for crisis. You cannot blame FF government, because Central Banks must be independent from governments according article 108 of EU treaty.
    They caused all this mess and they don’t have any rights to protest


    +1, it astounds me how many people in this country fail to see the roles played by the Central bank and financial regulator in the demise of our economy.


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    #50
    jmayo
    Registered Users Posts: 13,186 ✭✭✭✭jmayo


    Flamed Diving wrote: »
    But the CB posted a profit (yet again) last year. From what I gather, their pension fund is not directly linked to the National Pension Scheme (this is what I am trying to clarify here, but no one provided a link). So knowing that the former is true, and assuming the latter. I don't see the problem. I'm open to correction, not baseless opinion.

    No, if you even bothered to skim the annual report that I provided above you will see that the Central Bank is more than capable of paying its own employees (which it does, read the report), and to hand over €290m directly to the Dept of Finance, to boot (how many salaries does that cover?*).

    So whats the problem?

    So where does the CB it get it's funding ?
    Sorry i am doing a Lenihan, McGreevey no time to read reports ;)
    Daithi31 wrote: »
    Fact -> CBFSAI is entirely self funded, and so is it's pension. It is not linked to the general PS/CS pension in any way.
    10% pay increase mentioned earlier - complete BS unless the person was promoted. The proposal included to halve all flexi-leave, and abolish it completely for those above a certain grade.

    Do you work in there ?

    I am not allowed discuss …



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    #51
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    edanto wrote: »
    I'm a bit confused. What does the state pay for in relation to the central bank? Do we pay wages? What happens the profit? What do the member banks pay for?

    The central bank pays for itself. It pays its own wages out of revenue it generates, as described in the annual report. If you don't have time, just skip straight to the section titled "Consolidated Balance Sheet" (p53), I linked to the report below. The profit (surplus income) goes straight to the Exchequer.
    jmayo wrote: »
    So where does the CB it get it's funding ?
    Sorry i am doing a Lenihan, McGreevey no time to read reports

    It doesn't get "funding", it is a bank.





    http://www.centralbank.ie/data/AnnRepFiles/2008%20Annual%20Report%20-%20Rev%2017%20July%2009.pdf


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