Investment funds based in Ireland will no longer have to hire two Irish residents as directors under a Central Bank plan to improve oversight of one of the global fund industry’s biggest hubs.

MORE than 700 jobs will be created this year at Irish-based fund services companies.

THE Central Bank has made the first appointments to its new Risk Advisers Panel – the vehicle announced earlier this year to assess risk management standards at the main banks.

COMMISSIONER Charlie McCreevy’s bid for Europe to regulate the controversial €2 trillion hedge fund industry is unjustified, hasty and counterproductive to Ireland’s interests.