Richard Bruton (Dublin North Central, Fine Gael)
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Question 136: To ask the Minister for Finance the progress made by the Financial Regulator in filling the additional banking supervisory positions advertised in late 2008, including the names and previous work experience of new staff appointments at the Financial Regulator; and if he will make a statement on the matter. [6484/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Since the implementation of the Government Guarantee Scheme, the Financial Regulator has set up a dedicated unit to supervise and monitor the institutions covered under the Scheme. The unit has responsibility for the ongoing prudential supervision of the covered institutions as well as addressing the responsibilities of the Financial Regulator under the Scheme.

There are currently 26 people working in this Unit. 17 personnel have been assigned from the Financial Regulator to this unit, 11 of whom were already involved in the prudential supervision of the covered institutions. The Financial Regulator has recruited a further 9 individuals to the Bank Guarantee Unit on a contract basis. These contract staff have specialist banking skills, particularly in the areas of lending and liquidity management.

The Financial Regulator advises me that it is currently completing recruitment procedures to retain a further 6 contract staff and that the recruitment process for the remaining 5 of the 20 contract staff is progressing well.

The contract personnel who have been retained have been selected through an extensive process of interview and review from a population of close to 700 applicants for such positions, as advertised by the Financial Regulator in November 2008. The recruitment was staggered to ensure that an immediate priority was first given to appointing Senior Advisors for the oversight team with the recruitment of support staff to follow. A second set of interviews has concluded and a third is now underway. The remaining places on the oversight team will be filled in the coming weeks.

Among the candidates already selected are senior experts in Credit Risk and Credit approval, Treasury, Investment Management, Equity and Liquidity Risk Management and Property Valuation.