Jamaica to dole out $millions for BOJ Gov
Published:Thursday | November 25, 2010 | 12:00 AM
JAMAICA IS to spend $12.7 million on accommodation yearly for new Bank of Jamaica Governor Brian Wynter.
Finance Minister Audley Shaw Shaw furnished the House of Representatives with the details on Tuesday and said it was less than that which was paid to accommodate Wynter's predecessor, Derick Latibeaudiere.
According to figures supplied by Shaw, Latibeaudiere's living expenses were costing the country $1.45 million per month, or $17.45 million yearly.
Wynter was last year brought in to replace Latibeaudiere, who was booted from the job because the Government was unhappy with the terms of his contract - drafted when Davies was finance minister.
Prime Minister Bruce Golding declared in Parliament that elements of Latibeaudiere's contract were "unacceptable, embarrassing, and repugnant" in their interpretation and application.
Latibeaudiere was earning a basic salary of $14,545,000. He was also entitled to a housing allowance, and Golding said that owing to the terms of the contract, the BOJ could have been asked to pay $23 million in housing allowance, which would have increased Latibeaudiere's overall compensation package to $38 million.
Based on the answers presented by Shaw Tuesday, Latibeaudiere was costing the country nearly $400,000 more in living expenses. His lease was calculated at $901,530, telephone $18,998, water $56,021, electricity $37,407, household personnel $194,099 and security $246,323.
Meanwhile, Shaw said he was unable to calculate the maximum Wynter could be paid for his services. He told the House of Representatives that, like Latibeaudiere, Wynter would be earning a basic salary of $14,545,000.
Wynter is also eligible for loans from the BOJ to purchase motor vehicles. Shaw, when questioned by Davies on the issue, said it was a "deliberate inclusion".
"It is being put as a convenience for the governor, because we are not providing an official vehicle for use for his wife and children," Shaw said.
An appraisal system is being developed by the bank to gauge Wynter's performance.
Wynter's living expenses
- Security $273,094
- Household staff $140,000
- Electricity $50,000
- Water $19,000
- Telephone $15,000
- Lease $559,000