Dáil Éireann Debate, Wednesday - 15 September 2021
270. Deputy Catherine Murphy asked the Minister for Finance the number of employees in the Central Bank dedicated to international financial services including the funds and assets management industries; and the number of open vacancies in the area. [43391/21]
View answerThe Central Bank has informed me, that in responding to this matter, it is first necessary to emphasise that it discharges its mandate on a cross-bank basis and through an integrated organisational structure.
The Central Bank’s organisational structure reflects the focus it has on the effective regulation of both domestic and international financial services firms in Ireland.
The organisational structure for the Central Bank is published on its website (link below).
Financial regulation is embedded in all areas of the Bank’s work, and employees from across the Bank therefore contribute to the Bank's regulatory objectives on a daily basis.
The interconnected nature of the modern financial system and the Bank's role as a member of the European System of Financial Supervision (ESFS) means that its regulation and supervision structures are also necessarily integrated, focusing on the entirety of the regulated financial sector and discharging its responsibilities under the European system rather than separating between national and international.
The Bank regulate more than 10,000 firms providing financial services in Ireland and overseas. This regulation is undertaken through risk-based supervision, underpinned by a credible threat of enforcement. It is the objective of the Bank to ensure financial stability, consumer protection and market integrity. To do this, the Bank have a range of regulatory powers in the areas of authorisation, supervision and enforcement.
With the above in mind, this response reflects total figures for the areas of prudential regulation and financial conduct that are responsible for the regulation and supervision of the funds and asset management, banking and insurance sectors, all of which have national and international components.
I have been advised that at the end of August 202, in total 986.5FTE (active full time equivalent) employees are assigned to financial regulation across prudential regulation and financial conduct.
- This consists of:
- 439.8 FTE employees assigned to Prudential Regulation, and
- 546.7 FTE employees assigned to Financial Conduct.
The pillars are composed of directorate/division structures involved in frontline regulation and supervision. The structure also includes horizontal directorates/divisions that contribute to effective supervision on a cross sector basis.
In relation to the number of vacancies, at end August 2021 there are:
- 19 open vacancies across Prudential Regulation, and
- 36 open vacancies across Financial Conduct.
Link: www.centralbank.ie/docs/default-source/tns/about---tns/who-we-are/organisation/view-organisation-showing-key-divisions-within-the-central-bank.pdf?sfvrsn=89
