Decision time looms on top job in financial services body

Business Correspondent

Seven candidates have been shortlisted out of 100 applicants, some from overseas, and the appointment of a chief executive is expected to be announced before the end of the year.

The final line-up of candidates is a closely-guarded secret and the Central Bank would not confirm if any of the overseas applicants made it to the final selection process.

The Government hopes to have the new financial services regulatory authority up and running by early next year.

When the new body is set up it will combine parts of the Department of Enterprise Trade and Employment, the Central Bank, the Office of Director of Consumer Affairs and Registrar of Friendly Societies.

Its total running cost will be roughly 20m which the lending institutions and their intermediaries will more than likely be expected to bear.

No final decision has been taken on this but it is expected an internal review body will recommend such a move to the IFSRA at a later date.

In an attempt to crack down on financial fraud, Finance Minister Charlie McCreevy is expected to amend the legislation going through the Dáil to allow the Central Bank and the Revenue Commissioners fully share information and concerns relating to either individuals or institutions even if they suspect a case of fraud.

Under the proposed new law, the

IFSRA will be a new statutory body and will form a distinct component of the Central Bank. The Central Bank and the new authority will have a new board chaired by the Governor. Clear lines of demarcation are defined under the proposed new laws setting up the IFSRA, giving each clear responsibilities going forward.

The IFSRA recently advertised for the key posts of chief executive, consumer director, registrar of credit unions and secretary.

The plan is to fill the top job before the year end with the other posts to be decided in the New Year.

Food and drinks

sector set for growth

Ray Ryan

Paris

BORD BIA is predicting the Irish food and drink industry will return to overall growth this year Exports reached 6.6 billion last year, a drop of 7.7% on 2000, in what was a challenging environment for the industry due to the BSE crisis in Europe, followed by the foot-and-mouth outbreak.

In its annual report, Bord Bia chairman Philip Lynch, said the tremendous response by the Irish public to the foot-and-mouth disease controls was a critical factor in the successful management of the campaign.

The crisis highlighted the importance of the agri-food sector to the performance of the Irish economy, not surprising when considering the regional dispersion of the industry, its output of over 14bn and direct and indirect employment in excess of 178,000.

Mr Lynch said one of Bord Bia’s most important services is to provide industry with information on the marketplace, with emphasis on emerging consumer trends and needs.

“Today the consumer is ever-changing. We have smaller households, dual family incomes and a growing ‘grey’ market. Consumers are more informed and more demanding,” Mr Lynch said in the report.

“They want safe and healthy food that meets their special individual needs and value for money. Food and drink are increasingly driving lifestyles rather than reacting to them. There is a merging of eating out and eating at home.”

Mr Lynch noted that all of these factors impact on how new products are developed and how our retail and food service partners communicate with the consumer.

Bord Bia’s goal is to provide information and knowledge which assists companies identify new opportunities and to find gaps in the marketplace that can be filled profitably by Irish suppliers, he said.

In his review of the year, Michael Duffy, chief executive, said the dynamic prepared foods sector continued its upward exporting trend, showing an increase of 4.3% in 2001. It now accounts for 26% of total food and drink exports.