Fianna Fáil: Cyril Roux departure ‘reminder’ of top pay

Fianna Fáil finance spokesman Michael McGrath has linked the departure of Central Bank deputy governor Cyril Roux and a high level of vacancies at the regulator to restrictions public bodies can pay their top staff.

The Central Bank said yesterday Mr Roux — who has been responsible for financial regulation since late 2013 — was going to the private sector. He was responsible for helping bring Irish banks under the wing of the eurozone-wide Single Supervisory Mechanism, for introducing a regulatory regime for insurers here, and for helping launch the continuing investigation into the widespread abuses by lenders in charging the wrong rates for tracker mortgages.

However, citing a high level of vacancies at the unit responsible for overseeing lenders, Mr McGrath said Mr Roux’s departure was a “reminder” that the Central Bank has difficulties hiring and keeping staff.

“On a wider level, Mr Roux’s departure again brings into sharp focus the challenge faced by the Central Bank in attracting and retaining senior personnel with specialist skills and experience,” said Mr McGrath. “In truth, the issue seems to be that the Central Bank cannot compete with the remuneration arrangements offered by the private financial services sector.

“Given the constraints on public pay, there is no easy answer to this problem but we have to acknowledge that the level of vacancies and the turnover rate within the Central Bank also comes at a potential price.”

Finance Minister Michael Noonan said Mr Roux had ushered in “significant changes” in regulation.