Want to work for the Central Bank of Ireland? You’d better bone up on the rule book. Paranoid about being accused of ‘light touch’ regulation, the growing team of regulation staff are increasingly intrusive in the day to day life of Ireland’s bankers.
“The Central Bank people felt unfairly blamed for the banking crisis. Now they're complete sticklers for every rule in the book. It's not the presence of the regulations that are contentious as such, rather how the regulations are enforced. A lot of the foreign-owned banks feel it's making business more difficult and some have even been talking about pulling out," one disgruntled banker told the Irish Independent.
Aside from the threat to employment with the IFSC, it’s interesting to note just how active the regulator has been when it comes to recruitment. Its team are based in the “tombstone to the Celtic tiger” building on Dame Street in Dublin – an intimidating structure that is just about large enough to house the regulator’s growing team.
At the end of 2011, the Central Bank employed an impressive 1,372 – nearly a 12% increase on 2010 and has been building its team throughout the year. Its career centre has 10 vacancies (significant enough in the current climate) including two head of divisions roles – head of financial stability and head of research and cross directorate projects.
Such is the demand, there’s even an ever-present advert for ‘general applications’.
Working for the Central Bank is now a popular choice, with many in the financial sector taking a pay cut by accepting a role there. The antiquated working environment has been replaced by a new, dynamic thrust, suggest recruiters.