Monday 1 May 2017

Central Bank hires extra staff to help companies moving here

Eighteen of the new recruits will be working in supervisory roles in the Central Bank’s existing insurance and asset management units.
Eighteen of the new recruits will be working in supervisory roles in the Central Bank’s existing insurance and asset management units.
John Mulligan

John Mulligan

The Central Bank is hiring extra staff who are being drafted in to supervise financial institutions planning to move to Ireland from the UK once it exits the European Union.

A spokeswoman for the Central Bank confirmed that it had just received approval to hire 28 staff who would be dedicated to Brexit-related activities. She said it was hoped that the roles would be filled as soon as possible.

The staff will not be in a dedicated Brexit unit within the Central Bank, she said.

Eighteen of the new recruits will be working in supervisory roles in the Central Bank's existing insurance and asset management units.

Those two units are expected to be the first to see licence applications from firms wishing to set up operations in Dublin as a result of Brexit.

"We are going to start the hiring process now," said the spokeswoman.

She said 10 of the new staff would work in the Central Bank pillar, monitoring how Brexit activities are impacting other Central Bank activities. More staff could be hired for the Brexit-specific roles if interest from overseas firms intensifies.

It is believed that there has been strong interest from both insurance and markets companies that are sizing up Dublin for new bases in light of the UK's decision in June to leave the EU.

Amsterdam, Paris and Frankfurt are also hoping to lure companies.

Irish Independent

Promoted articles

Also in Business