Friday 15 November 2019

Central Bank restructuring its key monetary policy division

The Central Bank
The Central Bank

Colm Kelpie

The Central Bank is creating a number of new senior roles within its monetary policy division as part of the wide-ranging review of the organisation.

The regulator is appointing a Head of Monetary Policy Analysis and Head of Monetary Policy International Relations to beef up its capabilities, particularly during discussions at European Central Bank Governing Council level.

The Governor of the Central Bank is a member of the ECB's governing council.

A Central Bank spokeswoman said the division, currently headed up by Gillian Phelan, is being restructured because of the "increasingly technical nature of monetary policy discussions", including the switch to what Dame Street described as "non-standard measures".

"The bank is aiming to enhance its analytical capacity in this area so that we can make more effective contributions to the ECB discussions, also meeting our objective of being 'respected by our peers abroad'," the spokeswoman said.

The Head of Monetary Policy Analysis will be responsible for the preparation of analytical material on monetary policy, primarily for the purpose of preparing the Governor's contributions to Governing Council meetings and for the Bank's input into the ECB Monetary Policy Committee.

The new Head of Monetary Policy International Relations will be the first point of contact for the Central Bank in its interactions with the International Monetary Fund, OECD, World Bank and other international organisations. He or she will also be involved in the co-ordination and oversight of Ireland's post bailout programme monitoring by both the EU and IMF.

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