Though they have done a great job of paying themselves large salaries, with the current economic downturn, even senior Bank of Israel officials are taking a pay cut.

According to the Jpost: “Bank of Israel Governor Stanley Fischer and 12 of his senior managers have agreed to a 5 percent
salary cut for a year, the
central bank announced Sunday. The
Bank of Israel has been under public scrutiny for paying excessive wages and benefits, compared to other state workers, including bonuses and pensions. The central bank has, in recent months, drawn criticism for its intention to allocate “outstanding performance” bonuses in a period when the private sector is undergoing efficiency measures, slashing jobs and cutting salaries. The bonuses for 2008 are part of a
salary agreement between management, employees and the government. Management has been discussing the possibility of postponing or canceling the bonuses for 2008.”

Looks like they have also entered reality and realize that they have no business paying themselves so much when everyone else is suffering.

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