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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