Central Bank plans major cost reduction by 2030
The Central Bank of Ireland is implementing a strategic plan to cut its projected expenditure by €75 million by 2030. This includes a voluntary severance scheme expected to reduce staff numbers by up to 140 roles to enhance efficiency and adaptability.
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Central Bank of Ireland
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⏱️ 1 min read
The Central Bank of Ireland has unveiled a comprehensive strategy aimed at strengthening its resilience and responsiveness in an increasingly complex global environment. This approach also prepares the Bank to manage new legislative responsibilities while maintaining operational effectiveness.
A key feature of the strategy is a multi-year cost management programme targeting a €75 million reduction in projected expenses by 2030. Most savings will come from non-pay areas such as targeted IT investments, cuts in consultancy and contractor spending, and other efficiency measures. However, €26 million of the savings will stem from reduced pay costs, equating to an 8% decrease in projected pay expenditure.
To achieve these reductions, the Bank plans to reshape its workforce, anticipating a reduction of approximately 120 to 140 roles. To facilitate this change, a voluntary severance scheme aligned with standard public service conditions has been launched. Staff and representatives are currently being engaged, with further details on eligibility and application processes due to be communicated shortly.
A key feature of the strategy is a multi-year cost management programme targeting a €75 million reduction in projected expenses by 2030. Most savings will come from non-pay areas such as targeted IT investments, cuts in consultancy and contractor spending, and other efficiency measures. However, €26 million of the savings will stem from reduced pay costs, equating to an 8% decrease in projected pay expenditure.
To achieve these reductions, the Bank plans to reshape its workforce, anticipating a reduction of approximately 120 to 140 roles. To facilitate this change, a voluntary severance scheme aligned with standard public service conditions has been launched. Staff and representatives are currently being engaged, with further details on eligibility and application processes due to be communicated shortly.
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