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CONCERNS HAVE BEEN raised over the number of positions left vacant across Ireland’s financial regulator.
The Central Bank is currently trying to hire people for at least 21 different positions and its Enforcement Division is currently 25% off its target staffing levels.
According to the Finance Minister, there are 53.8 active staff members in the division but the ideal number would be 71.5. The regulator is also looking to recruit both a head and deputy head for the department.
Fianna Fáil spokesperson on financial services Frank O’Rourke has recently raised the issue with the Finance Minister.
Speaking to TheJournal.ie, he outlined his worries over the regulation of the insurance, banking and moneylending sectors.
“In view of the regulatory breaches that contributed to a very costly banking crisis in the past decade, it is deeply concerning that so many positions remain vacant in the Central Bank’s Enforcement division.
In sectors such as insurance, banking and moneylending, strong regulation must be matched by rigorous enforcement so as to protect consumers and ensure adequate deterrents are in place for errant financial service providers.
In an answer to a recent parliamentary question from the Kildare deputy, Michael Noonan said the regulator is in the middle of a recruitment campaign and that he is not unduly concerned about the situation.
“While the vacancy rate of approximately 25% might appear high, it should be borne in mind that it is largely attributable to a significant increase in the staff complement of the Enforcement Division rather than a loss of existing experienced personnel,” he told the Kildare deputy.
“The Bank has informed me that it keeps its resource allocation under constant review and will be flexible as it moves to recruit additional staff.”
He also added that he had no role in staffing the regulator.
The Central Bank’s website is currently advertising 21 different positions in various divisions from database administration to statistics. There are multiple jobs going in some of the roles.
The Enforcement Division is looking for a head and deputy head for the technical and advisory section. The successful applicants, who must have between 10 to 15 years experience as a barrister or solicitor, will help progress cases. The salaries are ‘not disclosed’. ent
The top job is being offered as a five-year contract.
The regulator is also looking for onsite supervisors for the anti-money laundering division and banking supervision inspectors.
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No need to fill vacancies to say yes to every increase…
The country and EU are a big joke we don’t know the half of it.
53.8 active staff members. How does that work? Does someone get every Monday off? I’d be well up for a job like that!
Somebody is only contracted for a 4 day week, meaning they only get paid for a 4 day week. Simples…
There are a ton of jobs where you can work 4day weeks. That is one of the reasons they say women are paid less then men. It isn’t they get paid less than men it is they work less hours but proportionally get paid the same.
noonan is not unduly concerned?, frightening stuff. did the ff (fellow gov minister) politician mcgrath leave it at that??? let me guess outraged but that’s it.
They don’t pay enough to attract the numbers or the talent… Most the heads of the financial regulators or commissions make at least 7 figures. Why would you bother taking the job in Ireland when you’re starting salary in house at any of the big banks would be at least twice the measly €120-140k or head of a financial regulator abroad pays US$2mil.
you make it sound like you need a special talent to count and check the sums tally along with the law
we have enough overpaid paid non starters in this country, compare the salaries of both heads of state and it more than levels out
Wow, such greed.
Finance is competitive… Why spend years building up your experience and profile to take a position that’s half what your worth.
chinaman, ask kevin Cardiff…how his expertise is rewarded, ex head of dept of finance forgot to carry the one and lost 3.5 billion, then gets promoted to top european job??? only you could defend this.
Well I know a very small person who could take the .5 position
That should be Patrick Neary the infamous non bank regulator.
All those banks looking to leave London and come here, will they be re-assured or scared by our inability to enforce the banking rules because of staffing issues? My bet is they will be scared off by the prospect of reputational damage by being associated with what is obviously a basket case banana republic type regulatory environment. Patrick Merry reigns anew……wait for the fallout and claims on the Irish taxpayer.
have your say