Minister looking for people for the Central Bank Commission

Brendan Burgess

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The Commission is the equivalent of the board in a normal company.


Appointments to the Central Bank Commission


The Minister for Finance invites expressions of interest from applicants who consider they possess the skills and experience necessary to join the Central Bank Commission. Applicants must demonstrate evidence of relevant experience under one or more of the following areas:

Economics
• Extensive professional experience, nationally or internationally, as an economist
• Strong record of research and analytical work in at least one of the following fields: domestic Irish economy; international economy; monetary policy; financial stability; and
• Experience of high level policy advice.

Information Technology/Cyber Security
• Extensive knowledge and understanding of Payment Systems;
and/or
• Extensive professional experience of information technology management and
• Have overseen significant IT projects and technology components of major projects; and
• Proven understanding and experience of risk management around IT and cyber security.

Management/Governance

• Extensive senior management/governance experience in a large complex organisation of scale.

Desirable for all roles
• Previous Board experience;
• Experience in a financial services firm;
• Proven understanding and experience of financial services and products;
• Proven experience in competition and consumer protection;
• Extensive knowledge of competition law and the Central Bank’s Consumer Protection Code;
• Membership of a recognised professional accountancy body;
• Extensive senior level professional experience as an accountant in industry;
• Previous experience as a member of an Audit/Risk Committee, of having reported to or worked with an Audit Committee, or other comparable experience in the area of audit.

Closing Date: 15:00 on Monday 16th December 2019
 

NoRegretsCoyote

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Experience in consumer protection is only "desirable" - not a requirement.

Brendan
Why should it be?

Consumer protection is maybe 1/8 of the work of the Central Bank.

It would be bizarre to insist that all members have experience in bank supervision, consumer protection, economic analysis, capital markets supervision, AML supervision, consumer protection, monetary policy, bank resolution, currency issuance, etc.
 

Brendan Burgess

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Hi Coyote

Consumer Protection is a key part of what the Central Bank does.

There are 3 employees on the Council and 7 non-executives.

None of the non-executives has any background in consumer protection.

I do not think that all members should have all the experience.

But at least one should have some background in consumer protection.

Brendan
 

noproblem

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Most good housewives possess the relevant skills for all that's required but might be ruled out because of no recent board experience. One might have thought that recent board experience would have ruled all candidates out of the running
 

odyssey06

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Why should it be?
Consumer protection is maybe 1/8 of the work of the Central Bank.
It would be bizarre to insist that all members have experience in bank supervision, consumer protection, economic analysis, capital markets supervision, AML supervision, consumer protection, monetary policy, bank resolution, currency issuance, etc.
What percentage of their work is cyber security or management of IT?
Something seems amiss if IT expertise is down as a qualifying evidence of relevant experience but Consumer Protection background is not.
I work in IT - not saying IT shouldn't be down as a qualifying evidence but I don't see the argument for it being on the list and consumer protection not being on the list.
 

NoRegretsCoyote

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911
Consumer Protection is a key part of what the Central Bank does.

There are 3 employees on the Council and 7 non-executives.

None of the non-executives has any background in consumer protection.

A quick google found me this about Niamh Moloney:

Niamh specializes in EU financial market regulation and consumer financial protection and has written several books on these subjects....... Niamh has previously been ......Chair of the Central Bank of Ireland's Consumer Advisory Group,
 

Brendan Burgess

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Hi Coyote

I had never heard of her before her appointment. As far as I know, she has no consumer protection experience in the sense of advocating on behalf of consumers. I have never seen her discuss tracker issues, the high mortgage rates or anything else like that.

I am not saying that she is not suitable as member of the Council - it's just that they don't have anyone with practical experience of consumer protection.

Brendan
 

Brendan Burgess

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Hi Coyote

I am clarifying them.

There is no one on the board who has been active in defending the interests of consumers. That is the point I wish to make.

Lecturing on consumer law is useful but not enough.

Brendan
 

NoRegretsCoyote

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Genuinely curious but how many of these people are there out there?

I can think of three potential backgrounds:
  1. People in an NGO supporting the little guy
  2. Legal professionals in the area of consumer law
  3. Civil servant in FSPO or CCPC

Are there many more?
 

Brendan Burgess

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Genuinely curious but how many of these people are there out there?
Hi Coyote

That is a very good point - there are very few and they tend to be a bit mad e.g. the likes of David Hall.

I would not include the employees of the CCPC.

A former financial services Ombudsman might be worth considering.

The legal professionals usually are employed by the financial institutions.

Brendan
 

Brendan Burgess

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This is what the Minister said in 2017

Minister Donohoe acknowledges progress on Tracker Mortgage Examination and announces new measures to protect consumers


The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe T.D., today responded to the publication of the Central Bank of Ireland's Progress Report on the Tracker Mortgage Examination and announced two additional measures to ensure that the consumer is better protected in Irish banking. The Minister stated:
...


(i) Doubling the level of compensation that the Financial Services Ombudsman may award


....


(ii) Appointment of Consumer Champions to the Central Bank Commission


In line with the Central Bank’s request to maximise fully the range and depth of experience on the Central Bank Commission, my Department and the Public Appointments Service are preparing to launch a call for applications from qualified individuals to fill the two vacancies on the Commission. This call is particularly seeking individuals with an established track record of representing the rights of consumers and who can shape how banks interact fairly with their customers. To aid the search process, the Public Appointments Service will be working with a specialist Executive Search firm. I would hope to finalise these two appointments as soon as possible in the New Year once the selection process has been completed.



Clearly they couldn't find any suitable consumer champions.

Brendan
 

NoRegretsCoyote

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@Brendan Burgess

I agree it was a silly thing to look for.

Unfortunately you need people who will keep the head down and get things done behind the scenes at the Central Bank. This doesn't suit someone who wants to maintain a public profile.

A previous Central Bank Commission member wrote a book while in office saying that Ireland should leave the euro and I don't think it was a good look.
 
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