Thursday 17 October 2019

Central Bank pays contractors €58,000 every day

The figures were released by Finance Minister Noonan Photo: Tony Gavin
The figures were released by Finance Minister Noonan Photo: Tony Gavin

Colm Kelpie

The Central Bank is paying out on average €58,000 a day - not including VAT - to contractors, figures show.

There are currently 106 contractors engaged by the Central Bank, according to data provided by Finance Minister Michael Noonan.

Mr Noonan said that for commercial reasons, it isn't possible to provide individual daily rates.

But he said that the average daily rate paid to these contractors is €551, excluding VAT.

"The number of contractors varies from time to time and is determined by the business needs of the bank," Mr Noonan said, in response to a parliamentary question from Fianna Fáil TD Michael McGrath.

"The daily rate paid is determined by the role performed.

"These roles vary from temporary roles, such as the provision of maternity leave cover, to the engagement of specialists.

"These contractors are engaged via the completion of competitive tender processes."

Mr Noonan said the figures included a number of IT resources and reflected the level of IT projects underway.

Earlier this week it was revealed that the Central Bank was 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 gotten 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. Eighteen of the new recruits will be working in supervisory roles in the Central Bank's existing insurance and asset management units.

The Central Bank has long argued that it has had problems attracting and retaining top talent.

Late last year, deputy Central Bank governor Cyril Roux bemoaned public sector pay restrictions, which he said hampered the organisation's ability to keep its supervisory function beefed up.

Irish Independent

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