Jim O'Keeffe (Cork South West, Fine Gael)
Link to this: Individually | In context

Question 49: To ask the Minister for Finance the steps he has taken to strengthen capacity in his Department in regard to banking and insurance; the number of such specialists employed in the Department; the date on which they were engaged and their qualifications; and if he will make a statement on the matter. [25605/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

Since 2008 the staffing levels in the Financial Services Division of my Department, within which responsibility for banking and insurance lies, have increased from 34.20 to 51.73 (whole time equivalents) in 2010 - a 51.5% increase. In addition to an overall increase in staffing levels within these areas, my Department has so far recruited the services of three experts in the financial services area, through a combination of direct employment and secondment from both private and public sector.

In October 2009, the Government approved the appointment of a banking analyst, with extensive knowledge and experience in the banking field, on a 3 year employment contract. This specialist has a Bachelor of Commerce degree, and also a Masters in Economic Science. In addition, my Department has recently secured the services (since 1 March 2010) of a banking accountant for a period of 12 months through an agreed secondment arrangement, at no cost to my Department. He has a B. Comm degree, and is also a qualified accountant. Finally, the Department has also engaged, on secondment from the Office of the Attorney General, a Senior Legal Advisor to the Department solely on financial services matters. The Legal Advisor has Bachelor of Civil Law and Barrister at Law degrees, and in addition to his experience in the Office of the Attorney General, he spent a number of years as a barrister in private practice.

I am continually reviewing the need for further recruitment of specialists into these areas. In addition, as deputies will be aware, I have looked at my overall resources on banking and have reallocated considerable functions to the NTMA, which has also engaged a number of new banking experts for this purpose. Overall, therefore, my resources in relation to the banking area, including specialist expertise, have increased significantly, and I anticipate that it will increase further.