Business Irish

Tuesday 20 August 2019

Pay restrictions hinder Central Bank staff retention as ECB looks to lift headcount - Roux

Cyril Roux
Cyril Roux
Gavin McLoughlin

Gavin McLoughlin

The strength of banking supervision at the Central Bank will be hampered by public sector pay restrictions and the ECB's appetite to increase staff numbers by 25pc within the Single Supervisory Mechanism,.deputy Central Bank governor Cyril Roux said.

Mr Roux said a wave of staff is expected to leave Irish and European central banks next year, and that some staff had left the Irish Central Bank already.

"They have been attracted by the exciting challenge of working abroad, in helping establish the SSM, and the much better financial terms and employment conditions offered to them. A second wave of supervisors is expected to leave the Central Bank and other national competent authorities next year," Mr Roux said.

"Combined with the familiar constraint of FEMPI (the public sector pay restrictions), this will bring further stresses to the bench strength of banking supervision in the Central Bank, and to the challenge of replenishing once more our ranks," he added.

The speech comes amid a row with unions over so-called "retention payments" to some staff.

Online Editors

Also in Business