Regulator's intrusive approach creates more jobs

When Ireland's financial regulator created 20 supervisor positions to oversee the six domestic banks covered by the state guarantee scheme, it attracted 700 applications. Now, it's turning its attention to foreign firms.

The regulator is recruiting for a further 20 positions to focus on "more intensive supervision" of foreign-owned banks and financial firms.

Clearly, considering the dire situation engulfing Ireland's banks and the government's commitment to crack down on risk taking, the regulator is taking the opportunity to flex its newly-formed muscles.

Mary O'Dea, acting chief executive of the regulator, admits that it now has greater supervisory powers: "We have moved back to a more intrusive, questioning and less accepting approach of supervision. Our direct focus is on monitoring credit risk and the management of liquidity and impairments," she told the Irish Times.

Though this is obviously good news for the ever-increasing numbers of unemployed Irish financial services workers, it's worth noting that last time around the regulator extended its search internationally and received a large number of applications of a "very high standard".

The new hires will focus on firms based in the IFSC and foreign-owned banks operating in Ireland.

Last month it was announced that the supervisory roles of the Central Bank and the regulator would be merged under a new central banking commission as it was no longer possible to go from "one silo to the other".