Finance Minister Michael Noonan has admitted that the Central Bank of Ireland who want to recruit an extra 170 staff in 2017 are already struggling to compete with the private sector for the talent it needs .

Insurance companies in the private sector are also struggling to find talent in key areas and this situation will only get worst as UK and Global Insurers are considering moving their Headquarters from London to Dublin .

There is a shortage of general insurance actuaries today and this shortage will become critical post Brexit.

With salaries rising,the annual survey of actuarial pay for 2015 showed the first year of consistent pay inflation .

Minister Noonan told the Irish Parliament that the Irish Central Bank want to increase staff numbers by by nearly 10% next year with at least 28 of those new hires working directly on Brexit with additional staff drafted in for Brexit work as required .

However the Minister admitted that the Central Bank had experienced difficulties in hiring and retaining staff due to the acute skills shortage in the Financial and Legal sectors .

The Minister failed to confirm if the Government would lift the pay caps introduced during the financial crisis which are now an impediment to recruitment .Central Bank staff can expect to earn between 10 and 30 per cent less than they would in the private sector .

These staff shortages are resulting in a slow down in processing licence applications .It can now take up to 2 years for the le ensign process and a back log will develop should the anticipated increase in licence applications take place as a result of Brexit .

If you are interested in working in the Central Bank of Ireland or have an interest in working in the Insurance industry register with Bavk 4 Good today we have many partners in this sector looking to talk to you .