Fianna Fáil Spokesperson on Finance, Michael McGrath has said the departure of Central Bank Deputy Governor Cyril Roux is yet another reminder of the difficulties faced by the Central Bank in attracting and then retaining senior personnel.
Deputy McGrath commented, “I wish Cyril Roux every success in his new role in the private sector and he is to be thanked for his very significant contribution as Deputy Governor and Head of Financial Regulation at the Central Bank over the past number of years.
“However, on a wider level, Mr Roux’s departure again brings into sharp focus the challenge faced by the Central Bank in attracting and retaining senior personnel with specialist skills and experience.
“In truth, the issue seems to be that the Central Bank cannot compete with the remuneration arrangements offered by the private financial services sector. Given the constraints on public pay, there is no easy answer to this problem but we have to acknowledge that the level of vacancies and the turnover rate within the Central Bank also comes at a potential price.
“Last December, I was informed in the Dáil of 149 staff vacancies in the Central Bank including a 12% vacancy rate in the section responsible for the financial regulation of credit institutions. Just last week, I was told there are 26 vacancies in the Enforcement Section of the Central Bank. The level of vacancies across vital functions of the Central Bank is a cause of concern.
“We need a Central Bank that is fighting fit at this time. There are enormous opportunities for Ireland in the area of financial services arising from Brexit and we need to take full advantage of it. There is an onus on the Minister for Finance to examine this issue and to spell out what arrangements he intends to put in place to help the Central Bank recruit and retain the staff it needs to perform the exceptionally important statutory functions conferred on it.”