Central Bank Vacancies Raises Serious Questions

Almost 150 job vacancies at Central Bank raises serious questions about the capacity of the organisation to do its job effectively and to cope with any new financial services firms that may arrive in light of Brexit, Fianna Fáil Spokesperson on Finance, Michael McGrath TD has said.

Deputy McGrath was commenting after receiving the information on current Central Bank staff vacancies from Minister Michael Noonan in a parliamentary reply.

Deputy McGrath said: "The data, revealed in this reply, raises a number of important questions about the ability of the Central Bank to effectively regulate existing financial service providers in Ireland and to properly fulfil its consumer protection role.

"In addition, the numbers of vacancies in key functional areas across the Central Bank calls into question the capacity of our regulatory system to accommodate financial service firms that may relocate to Ireland from the UK as a result of Brexit.

"After experiencing the failure of regulation in the past, it is shocking to see a 12% vacancy rate in the section directly responsible for regulating credit institutions.

"Motorists paying sky high insurance premiums will be taken aback to learn there is a 9% vacancy rate in the area of insurance supervision. A 10% vacancy rate in the area of consumer protection means that consumers of financial service products in Ireland are not getting the protection they deserve and need."

"There is clearly a major problem in the Central Bank around the issue of attracting and indeed retaining staff. The Government needs to face up this reality and come up with a plan to tackle this issue so that consumers can be properly protected and the opportunities from Brexit can be fully exploited."


Related Irish News Stories
Click here for the latest headlines.

08 April 2013
FSO To Publish Complaints Record
Fianna Fáil Finance Spokesperson Michael McGrath TD has received confirmation from Finance Minister Michael Noonan that the Financial Services Ombudsman (FSO) will be given the power to publish the complaints record of individual financial service providers.
29 June 2012
Central Bank Concerned By Ulster Bank Delays
The Central Bank of Ireland has said it is concerned by the "unacceptable continuing delays by Ulster Bank in fully resolving its systems issues and the consequent impact on its customers".
14 February 2012
Central Bank Criticises Financial Service Firms
The Central Bank has said it is looking at number of financial services firms over concerns they are not complying with consumer protection guidelines in their advertising.
31 July 2019
Warning Over Unauthorised Loan Firm
The Central Bank of Ireland has published the name of an unauthorised firm offering financial services. Evolve Cash Limited is advertising loans on its website and claiming to be regulated by the Central Bank but it holds no authorisation from the Central Bank as a retail credit firm, moneylender or otherwise.
24 April 2024
'Decision Week' For Executive To Agree 2024/25 Budget – UUP
The Ulster Unionist Party has said it is "decision week" for the Executive to agree a new 2024/25 Budget. Party leader and Upper Bann MLA, Doug Beattie, reiterated his warnings of the damage being inflicted to key services the longer the void in this year's Budget continues.