Central Bank seeks up to 140 redundancies 

Bank plans to save €26m through a reduction in pay costs

Governor of the Central Bank of Ireland Gabriel Makhlouf. 

The Central Bank of Ireland has announced a voluntary redundancy scheme targeting a reduction of between 120 and 140 roles across the agency as part of its latest finance strategy.

In a statement, the Central Bank said part of the strategy was to manage core operating costs. As part of a multi-year programme, it is targeting €75m reduction in the trajectory of its projected expenditure to 2030.

While the Central Bank said the majority of this expenditure reduction would be achieved through “non-pay measures” including targeted IT investment, reductions in consultancy and contractor spend, and other efficiency initiatives, €26m will be achieved through a reduction in pay costs.

“This represents an 8% reduction in projected 2030 pay expenditure,” the Central Bank said.

“Reflecting the investments in our organisational capability and the maturity of the frameworks we have built over the last number of years, the reduction in pay costs will be met through changing the size and shape of the bank, which is anticipated to lead to a reduction of around 120–140 roles,” it said.

“In order to deliver this in the most efficient and effective way, the Central Bank has announced the launch of a voluntary severance scheme and has commenced engagement with its people and staff representatives.” 

The Central Bank said the scheme would be in line with standard public service conditions and “will support delivery of a lower cost trajectory in a cost-effective manner while maintaining operational effectiveness”.

“Further details on eligibility, terms, and the application process will be communicated directly with staff in the coming days.”