Michael McGrath (Cork South Central, Fianna Fail)
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170. To ask the Minister for Finance if there is a specific recruitment drive by the Central Bank of Ireland financial regulator in response to Brexit; his views on whether the regulatory regime here is fully prepared to deal with the additional financial services that may be moved to Ireland as a result of Brexit; and if he will make a statement on the matter. [39802/16]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Central Bank that by the end of this year it will have increased staff numbers by approximately 115 (on a net basis). The Central Bank Commission has recently approved additional complement for 2017 to bring its set complement to 1,801 full-time equivalents, which will be a target net increase of 170 staff.

The 2017 expansion includes dedicated resources of an additional 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.

The Bank adopts a risk-based approach to supervision across all of the sectors that it regulates, articulated in its "PRISM" framework. This is a dynamic approach to supervision which means that priority areas of focus are kept under constant review with resources being deployed to meet the evolving priorities.

The Governor has previously indicated that where further resources are necessary due to an expanded universe of regulated and supervised firms, the Bank has the ability to effectively re-prioritise where it needs to meet the increased level of demand and also to increase staff numbers as necessary.