Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

143. To ask the Minister for Finance the number of extra staff that have been added to each of the areas of banks, insurance and funds and asset management in the Central Bank or his Department since the vote on Brexit; and if he will make a statement on the matter. [38138/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

A new Brexit Unit within the EU and International Division of my Department was established in July 2016 to oversee and coordinate the Department's work in the area of Brexit. There are currently 3 staff employed in the Unit. In addition, the Department of Finance staff complement in the Irish Permanent Representation to the EU in Brussels has been strengthened. Resourcing for Brexit is being kept under review.

With regard to the Central Bank, within Financial Regulation, throughout 2016 there has been a focus on continuing to grow capability and capacity, with 66 new people joining across the financial regulation teams since June 2016. Approved headcount for Financial Regulation has also increased. However, this is against the backdrop of tightening labour markets, which has continued to impact on staff turnover. Consequently, real growth since June 2016 is 1.2% (5.7% since the start of the year). A significant focus on resourcing in recent months' estimates growth of 5% in FTE by the end of 2016 since the announcement of Brexit. Resourcing for Brexit related activity has been prioritised across the Bank.

Total Central Bank staff is expected to grow to 1,631 at end 2016, with planned expansion to 1,801 by end 2017. The 2017 expansion includes dedicated resources of +28 staff to address specific Brexit-related new business needs; the Bank also plans to assess on a regular basis the need for contingency-based extra Brexit-related hiring in response to additional business volumes.