The financial regulator's enforcement operation is short a quarter of its staff

THE CENTRAL BANK’S enforcement division is one-quarter down on its target staff, raising concerns about its ability to carry out its essential tasks as financial regulator.

The authority is currently trying to hire people for at least 21 different positions, including both a head and deputy head for the enforcement section.

According to Finance Minister Michael Noonan, there are currently the equivalent of 53.8 active staff members in the division, but the ideal number would be 71.5.

Fianna Fáil spokesperson on financial services Frank O’Rourke recently raised the issue with the minister due to concerns about how the insurance, banking and money-lending sectors were being regulated.

“In view of the regulatory breaches that contributed to a very costly banking crisis in the past decade, it is deeply concerning that so many positions remain vacant in the Central Bank’s enforcement division,” he said.

“In sectors such as insurance, banking and money-lending, strong regulation must be matched by rigorous enforcement so as to protect consumers and ensure adequate deterrents are in place for errant financial service providers.”

Finance Minister Michael Noonan

A recruitment campaign

In an answer to a recent parliamentary question from the Kildare deputy, Noonan said the regulator is in the middle of a recruitment campaign and that he is not unduly concerned about the situation.

“While the vacancy rate of approximately 25% might appear high, it should be borne in mind that it is largely attributable to a significant increase in the staff complement of the enforcement division rather than a loss of existing experienced personnel,” he said.

“The bank has informed me that it keeps its resource allocation under constant review and will be flexible as it moves to recruit additional staff.” He also added that he had no role in relation to staffing at the regulator.

The Central Bank’s website is currently advertising 21 different positions in various divisions from database administration to statistics. There are multiple jobs going in some of the roles.

The enforcement division is looking for a head and deputy head for the technical and advisory section. The successful applicants in those roles, who must have between 10 to 15 years experience as a barrister or solicitor, will help progress cases. The salaries are not disclosed. The top job is being offered as a five-year contract.

The regulator is also looking for on-site supervisors for the anti-money laundering division and banking supervision inspectors.

Written by Sinead O’Carroll and posted on TheJournal.ie