Mário Centeno's early exit from Bank of Portugal saves €2.2 million
Mário Centeno has left his position as Governor of the Bank of Portugal under an early retirement agreement. The deal will save the institution €2.2 million, though details of his pension remain partially undisclosed. Questions about the terms have led to a parliamentary hearing scheduled for March 2026.
Centeno's departure was mutually agreed with the Bank of Portugal. Under the terms, he could have remained in the role until age 70 but chose to step down earlier. His pension is estimated at just over 80% of his final gross monthly salary of around €19,500, amounting to roughly €15,600 per month. Exact figures were not confirmed by the bank or Centeno himself, citing personal data protections.
The Bank of Portugal's pension fund, which Centeno contributed to, operates independently of taxpayer money. It is fully capitalised, meaning no public funds support the payments. Meanwhile, the institution has faced scrutiny over other costs, including €1.8 million spent annually on administrative consultants, plus €225,000 for a rented office. Seven consultants were in place when Governor Álvaro Santos Pereira took office, but the bank now aims to phase out these roles entirely. Early retirement and voluntary departure agreements have also been offered to employees who joined before 2009. While Centeno's pension is substantial, one former governor receives an even higher amount. The governor's office declined to comment on specific payment details, referring only to the broader policy.
The agreement reduces the Bank of Portugal's expenses by €2.2 million. Centeno's pension, drawn from a self-sustaining fund, avoids public funding. A parliamentary hearing in March 2026 will examine the financial arrangements further.
