Central Bank receives 10,000 job applications for 500 positions

The Central Bank attracted over 10,000 job applications and filled over 500 positions last year, Finance Minister Paschal Donohoe has said.

Minister Donohoe released the figures in response to concerns expressed by Deputy Clare Daly over what she claims is the Central Bank’s inability to fill 200 available positions.

In the 17 months to May, the Central Bank had spent €1.1m on recruitment as it struggles to retain staff being tempted by lucrative packages in the financial services firms.

The bank has a team of 10 staff dedicated to recruitment and it spent €882,000 on fees last year. The overall €1.1m spend over the 17 months comes as the Central Bank reported last month a job vacancy rate of 11%, with 203 posts remaining unfilled.

The €295,335 spent in the first five months of this year includes agency placement fees, assessment tools, advertising, and executive search support services.

At the end of May, the Central Bank employs 1,618.3 full-time equivalent (FTE) staff — the figure was 1,515 at end of 2015.

Minister Donohoe replied: “I am informed by the Central Bank that while recruitment for positions across the bank is challenging, and turnover in certain areas, including in financial regulation, is higher than optimal, it is not correct to imply that these challenges are having an impact on the operation of the bank.

“The Central Bank has the ability to effectively re-prioritise to meet any increased level of demand and complexity, but where required to, the Central Bank will increase staff numbers as necessary.”

He said the bank has filled 189 positions in the first half of 2017: “Latest figures available show a net increase of 20 FTEs to the end of May 2017.”

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