Irish central bank grapples with post-Brexit business influx

The Central Bank of Ireland has received more approaches from businesses interested in relocating from the UK after Brexit than it expected, highlighting the resourcing pressures facing the bank as it struggles to retain enough staff to handle the potential influx.

At the bank commission’s January meeting, the minutes of which were released today, deputy governor Cyril Roux said “there had been significant levels of interest in authorisations sought for new businesses looking to relocate from the UK” and said “levels of interest were larger than had been initially anticipated”.

CBI governor Philip Lane said the bank would hold discussions on improving its ability to recruit and retain staff “at an early stage” after another member of the 11-man commission highlighted the need to ensure the bank has enough resources to deal with the authorisations.

The bank has previously said it was planning to hire 28 new staff this year, but its problems retaining employees were highlighted when Mr Roux himself announced that he will leave the bank in April, less than four years into his five-year term.

The CBI introduced pay restrictions for its staff during the financial crisis.

Michael McGrath, finance spokesperson for the opposition Fianna Fáil party, said after Mr Roux’s announcement that “the Central Bank cannot compete with the remuneration arrangements offered by the private financial services sector”, and said “the level of vacancies across vital functions of the central bank is a cause of concern”.

The CBI had 149 outstanding vacancies last December, including a 12 per cent vacancy rate in the section responsible for regulation of credit institutions, according to Mr McGrath.

Photo: Reuters