Dáil Éireann Debate, Thursday - 1 December 2016
142. Deputy Pearse Doherty asked the Minister for Finance the efforts the Central Bank has made to increase resources in order that it can cope with the increase in applications in the aftermath of Brexit; and if he will make a statement on the matter. [38137/16]
View answerI am informed by the Central Bank that its workforce planning for next year, which is currently being finalised, reflects the additional resources needed to deal with applications that is expected to come its way. This will take the form both of an increase in staff, that is additional staff recruited to the Bank, in areas where it already knows that it will need additional numbers, and also contingency numbers for those areas where it thinks they might be needed.
It is also to be noted that across all of the sectors that the Bank regulates, it adopts a risk-based approach to supervision, articulated in its "PRISM" framework. This is a dynamic approach to supervision which means that priority areas of focus are kept under constant review with resources being deployed to meet the evolving priorities. The idea that the Bank will redeploy resources to address areas of rising demand, such as Brexit presents, is a very natural one and one that it is already implementing.
The Governor has previously indicated that where further resources are necessary due to an expanded universe of regulated and supervised firms, the Bank has the ability to effectively re-prioritise where it needs to meet any increased level of demand and complexity, and if required, the Central Bank will increase staff numbers as necessary.
