Central Bank to boost staff levels for 'more intrusive' regulation
Published 22/06/2010 | 05:00
THE Central Bank and Financial Regulator are to boost staff numbers by close to 50pc over the next three years as the supervision of Ireland's banks and insurers is dramatically ramped up.
The hiring spree will result in a combined staff of 1,500 by 2012, some 430 more bodies than today's joint team.
Jonathan McMahon, the number two at the Financial Regulator's Office, confirmed that its supervision capacity would also be enhanced by "seconding" specialist staff from professional services firms.
The recruitment drive comes after two damning reports found that chronic under-staffing at the regulator's office contributed to the meltdown of Ireland's financial system.
Outlining plans for a new dawn of "more intrusive" financial regulation, the Central Bank yesterday confirmed it would recruit the first 150 staff this year, with the remainder coming over the following two years.
In his recent report on the banking crisis, Central Bank governor Patrick Honohan said the regulator's office had encountered serious difficulties filling jobs in the boom, "mainly reflecting salary competition in the market".
Two senior appointments at the Central Bank unveiled yesterday -- head of retail banking supervision Shane O'Neill and head of wholesale banking supervision John Moran -- both took pay cuts on joining the regulator's office, as had many others.