Central Bank of Ireland finance strategy

The main objectives of the Central Bank’s current strategy are to make the Bank more resilient, responsive and forward-looking, allowing it to adapt to a challenging external environment and to assume new legislative responsibilities.

Part of this strategy is also a commitment to manage core operating costs, which has led to the introduction of a multi-year programme targeting a €75 million reduction in the trajectory of the Bank’s projected expenditure to 2030.

The majority of the reduction in projected expenditure will be achieved through non-pay measures, including targeted IT investment, reductions in consultancy and contractor spend, and other efficiency initiatives.  However, and as previously communicated with staff, €26 million will be achieved through a reduction in pay costs.  This represents an 8% reduction in projected 2030 pay expenditure.

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.  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 scheme (which will be in line with standard public service conditions) will support delivery of a lower cost trajectory in a cost-effective manner while maintaining operational effectiveness and delivering an organisation that is more agile in response to a rapidly changing environment.

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