Michael McGrath (Cork South Central, Fianna Fail)
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43. To ask the Minister for Finance if is satisfied with the staffing levels at the Central Bank; his views on the level of vacancies; if he is satisfied that the Central Bank is adequately prepared for the financial services firms that could potentially come to Ireland in view of Brexit; and if he will make a statement on the matter. [1724/17]

Michael Noonan (Limerick City, Fine Gael)
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The independence of the Central Bank is enshrined in the Treaties of the European Union and by the Statute of the European System of Central Banks and in that context the Central Bank Commission is responsible for the Bank's overall staffing levels and the allocation of those staff across the Bank. 

I am informed by the Central Bank that throughout 2016 there was a focus on growing capability and capacity in the context of Brexit related developments, with 66 new people joining across the financial regulation teams in the second half of the year.

At the end of last year, the Central Bank had about 1,600 employees with planned expansion to 1,800 by end 2017.  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.

Furthermore, the Governor has previously indicated to me 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.

That independent commitment by the Central Bank to address the opportunities and challenges posed by Brexit will be articulated in the IFS 2020 Action Plan which is to be published shortly underscoring the commitment of the Central Bank to providing a high quality, fair and transparent authorisation process for all applicants.

I am satisfied that the Central Bank is resourced to meet the current level of demand and enquiries that are being presented and that the Bank has the ability to effectively re-prioritise in the short-term where necessary to meet any increased level of demand and complexity. The Central Bank has the capacity to confront any challenges posed by Brexit and it has the resources to deal with any upsurge in applications that may come its way.