Central Bank - Increased Workforce

Author:Ms Sharon Daly, Darren Maher and April McClements

In response to the significant increase in the number of authorisation queries from UK based insurers, the Central Bank of Ireland (the "Central Bank") has increased its workforce by more than a quarter. Cyril Roux, Deputy Governor of the Central Bank, in his speech at the Institute of International and European Affairs on 1 December 2016, indicated that the Central Bank intends to further expand its resources, particularly in the Insurance Supervision Department, as it is committed to meeting the growing demands for its services;

"The Irish financial sector is set to grow, and quite possibly to a significant extent. The Central Bank is committed to meeting the challenge. Our workforce planning for next year reflects the additional resources needed to deal with applications that will come our way, and we have built in contingency should the need arise."

Cyril Roux stated that potential applicants will find the Central Bank to be engaged, efficient, open, and rigorous. The Central Bank is well-respected as an independent regulator across the EU and will continue to implement a robust authorisation regime for insurance and reinsurance companies seeking to establish themselves in Ireland in order to...

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