Are Irish banks quietly recruiting?

A perusal of Irish banks' careers websites, combined with populist statements around hiring freezes, would have you believe that new jobs within the main domestic institutions are unlikely to emerge any time soon. However, this isn't strictly true.

Ongoing issues around capital buffers and the transferral of toxic loans to NAMA means that the large Irish banks have been keeping a tight rein on costs. The official line, therefore, is that hiring freezes are in place and departing staff are not being replaced.

There's also a requirement to meet the terms of a European Union restructuring plan, which means some bank assets are up for sale. With jobs at risk in these divisions, it would be politically sensitive to recruit in other areas.

However, recruiters tell us that Bank of Ireland, AIB, Anglo Irish, Irish Nationwide and Irish Life & Permanent are all currently hiring. This isn't a recruitment spree, by any stretch of the imagination, but roles are being created again.

"Irish banks have leveraged technically strong credit people for NAMA roles, and have been left with gaps in business critical areas. There's a danger that if these people are not replaced, loans will not be maintained and could become distressed," says one financial recruiter in Dublin.

The banks are unwilling to commit to a permanent hire, adds the recruiter, and instead are offering anything up to a 12 month contract. In some cases, however, it is a one-month rolling contract.

Sentiment around some Irish banks has shifted to cautiously positive in the wake of clarity around NAMA participation and capital requirements. Bank of Ireland's announcement yesterday to raise €3.4bn of additional capital has been heralded by finance minister Brian Lenihan as evidence it has emerged from the crisis.

Nonetheless, aside from the credit roles, the majority of hiring within the domestic banks is still focused on risk management, suggests another financial services recruiter.

"There's a strong demand for quantitatively-driven risk management professionals to develop more robust platforms within the Irish banks, as well as some activity in the legal and compliance area," says the recruiter. "There remains a small pool of talent, however, as many professionals are firmly entrenched in their current roles."