Audit finds almost a third of Central Bank projects went over budget, including two by €5.5m

The internal audit also said the technical complexities of major IT projects were frequently underestimated, leading to overspends

The internal audit said the Central Bank had also established a Major Projects Committee to better streamline oversight of complex work. File photo: Leah Farrell/Rollingnews.ie

An internal audit at the Central Bank found nearly 30% of key projects were going over budget, with some getting bogged down in over-complicated bureaucracy.

The report said that of 28 key projects, one in five had missed their deployment deadline, and a small number cost far more than anticipated. A key problem identified was the need for projects to pass through no less than six separate governance committees.