Dáil Éireann Debate, Thursday - 17 January 2019
63. Deputy Michael McGrath asked the Minister for Finance if greater resources will be provided to the Central Bank and specifically the client asset specialist team for the purpose of regulating appropriate investment firms or life companies in view of the expected rise in the use of private pensions by workers in the coming years; and if he will make a statement on the matter. [2217/19]
View answer64. Deputy Michael McGrath asked the Minister for Finance the staffing levels of the client asset specialist team of the Central Bank. [2218/19]
View answerI propose to take Questions Nos. 63 and 64 together.
The independence of the Central Bank of Ireland is enshrined in the Central Bank Acts, the Treaties of the European Union and by the Statute of the European System of Central Banks, and in that context the Central Bank Commission is responsible for the Bank's overall staffing levels and the allocation of those staff across the Bank.
The Client Asset Specialist Team (CAST) has cross-sectoral ownership within the Central Bank for client asset and investor money risk. The primary role of CAST is to supervise and inspect client asset and investor money arrangements, and monitor the risks to the safekeeping of client assets and investor money in investment firms and fund service providers.
CAST had 8 staff at end December 2018. I am informed by the Central Bank that this is expected to increase to 10 staff by the end of March 2019. The protection of client assets remains a key priority of the Central Bank, and the ongoing resourcing of all prudential supervisory activities, including client assets, is reviewed regularly to ensure agreed supervisory strategies and outcomes can be met.
