Regulator beefing up through graduate job drive
WHILE other financial institutions are shedding staff, the Central Bank is hiring as it beefs up to improve regulation of the financial services sector.
The bank attracted 1,500 applications from graduates eager to work in the Dame Street firm during a recent recruitment drive, although only 60 -- or one in 25 -- will get jobs.
Last night, some of those gathered in the National Convention Centre to listen to Financial Regulator Matthew Elderfield discussing graduate opportunities.
The bank will begin a new round of graduate recruitment for 2011 in the autumn.
The National Asset Management Agency and the Central Bank are among the few financial organisations still hiring large numbers of graduates as they attempt to clear up the mess created by reckless lending over the past decade.
The regulator is looking for staff for its two supervisory departments, one for retail banking and the other for wholesale. Other departments will attempt to assess risk and promote financial stability by creating an assessment framework for the banking sector.
Mr Elderfield has said he wants about 10 regulators to supervise each bank, or five times the pre-crisis number.
The Central Bank expects to recruit an extra 150 employees, including 60 graduates, this year, bringing overall numbers to 1,300. It aims to add a further 150 employees next year.
The regulator is also looking for specialists with direct business and banking experience, especially those with a background in credit, liquidity, treasury, markets and risk.
"Our new approach to supervision requires staff with appropriate technical and commercial skills that are able to effectively challenge and interrogate institutions," the bank said in a report earlier this year.
Mr Elderfield told a Dail committee that financial institutions would be forced to pay for the higher costs.
"The cost of regulation will rise. But judged in the context of the huge cost of a financial crisis, the increase in the cost of regulation must be seen as a price worth paying," he said.