Seán Sherlock (Cork East, Labour)
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Question 170: To ask the Minister for Finance if staff appointed in 2003 to the office of the Financial Regulator had a qualification in banking regulation, worked for a regulation agency similar to the Irish Financial Services Regulatory Authority or worked for a regulated financial institution; and if he will make a statement on the matter. [6053/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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When the Financial Regulator was established in 2003, it was staffed by a combination of the following:

1. Existing staff from Central Bank who had been working in the area of supervision/regulation transferred to the Financial Regulator.

2. 52 staff from Department of Enterprise Trade and Employment (DETE) and the Office of the Director of Consumer Affairs (ODCA) were seconded for a period of 24 months. At the end of this period 16 of the seconded staff were appointed on a permanent basis and the others returned to the DETE/ODCA.

3. A large recruitment drive to fill positions at a junior and middle management grades was undertaken in May 2003. The recruitment advertisement specified the criteria for all middle management positions were a third level qualification and significant relevant experience in a banking, insurance or financial environment. The more junior positions were filled in the main by graduates from a business background with more limited work experience.

The Financial Regulator has a very comprehensive academic and professional training programme for staff whereby specific skills are developed and upgraded on an ongoing basis.