The Central Bank is expanding its team of regulators for the financial services sector. It plans to expand its team from the current 75 people to 120 over the next year through both promotions and movements of its existing staff and external recruitment. The Central Bank is the supervisor of banks, building societies, financial companies in the International Financial services Centre and investment intermediaries. In recent years its regulatory functions have expanded rapidly. It now regulates all operators in the financial services sector except insurance companies, insurance brokers, credit brokers, credit unions and the Post office. It placed advertisements in national newspapers yesterday for more regulators. The bank is looking for people with accounting, finance, economics, legal or risk assessment qualifications. A spokesman said the bank wanted to add a good mix of qualifications and training to its existing team. An initial salary range of £21,000 to £26,000 is on offer. Regulators will be involved in spot checks and arranged inspections of financial institutions, examination and assessment of financial reports and documents and research into developments and regulation in the financial services sector.

The Central Bank has been responsible for the banks and building societies since 1971. In recent years it has taken on the supervision and regulation of funds operating out of the International Financial Services Centre, which collectively manages £20 billion of investment funds.

It supervises FINEX (the Dublin-based branch of the New York Cotton Exchange), money brokers who deal between the banks and the interbank market. In 1995 it took over the supervision of the Stock Exchange. In August 1995 it took over the regulation of money handlers who have discretion over clients funds - 140 of these agents are now authorised. The Bank has set a target of 12 months to have anyone else operating in this area authorised. In April this year the bank took over the regulation of investment intermediaries who were regulated by the Department of Enterprise and Employment. About 50 have been authorised so far. It also took over the regulation of restricted activity investment intermediaries - brokers who can only sell the investment products of the companies which have appointed them as agents. There have been some suggestions that the bank should take over supervision of insurance brokers.