Central Bankers Earn Serious Money

Supervisor of Wages Ilan Levine gave the Bank of Israel more than a passing mention in his top public earners report this year, dedicating an entire chapter to the central bank.

The report reveals the particularly favorable employment terms at the central bank: the bank's internal auditor Shula Mishli enjoys a monthly gross salary of NIS 53,059, while the senior publications editor makes do with NIS 42,934. Haim Darshan, the director of the State Loans Administration Department, which is scheduled to close in 2010, earned a gross salary of NIS 54,486 - double that earned by the treasury's director general or treasury department chiefs. The central bank's chief librarian, Ruth Lampert, earned a gross monthly salary of NIS 38,410, and the bank's spokesman, Yossi Saadon, made NIS 25,668.

The Bank of Israel's top earner was the head of Administration Department Joseph Havelin, who grossed an average salary of NIS 60,227 in 2008. He is followed by the bank's department deputy chief, who earned a gross salary of NIS 59,098.

Following on their heels were two members of the board's management, Balfour Ozer, who retired this year after he had not managed a department for years, and Barry Topf, who heads the central bank's Market Operations Department.

Six other members of the central bank's management earned a gross monthly salary of between NIS 49,000 and NIS 52,000, while the two newest members of management - director of Information and Statistics Department Tsahi Frankovits and director Human Resources and Administration Department Raphael Lankri, had to make do with just NIS 41,229 and NIS 40,357 respectively.

Bank of Israel Governor Stanley Fischer grossed the same monthly salary as a government minister - about NIS 36,000. A draft of the Bank of Israel Bill proposes to double the central bank governor's salary, setting it on par with that of the most experienced High Court of Justice President - about NIS 71,000.

The bank's new structure, implemented some two years ago, more than doubled the number of senior office holders within the bank from 18 in 2007 to 39 in 2008, even though the bank shed 44 regular employees and now has a head count of 694.

The average wage among these workers was NIS 23,028, making the central bank the fourth most lucrative employer for public sector workers.