The Central Bank of Ireland is planning cost-cutting measures to make savings of \u20ac75 million.<\/p>\n
The bank said \u20ac26m of this will be achieved through pay cost management but this will not involve compulsory redundancies or pay cuts.<\/p>\n
Instead, management will examine how departments can contribute to efficiency gains through structural and operational changes, with detailed decisions expected in the autumn.<\/p>\n
The remaining \u20ac49 million of savings will come from non-pay efficiencies including enhanced commercial discipline, reduction in contractor spend, process improvements and automation.<\/p>\n
The bank said it had identified the need to moderate expenditure growth to approximately 3% annually to 2030, down from a projected 6% baseline.<\/p>\n
“We at the Central Bank of Ireland are committed to maintaining a sustainable cost base while continuing to deliver our mandate effectively,” said Central Bank Governor Gabriel Makhlouf.<\/p>\n
“As a financially independent organisation, we recognise that a significant proportion of our operating costs are levied on the financial services industry and ultimately on to the wider economy.”<\/p>\n
“This underscores the importance of managing expenditure responsibly.”<\/p>\n
“We will plan to meet our expenditure targets fairly and clearly, and will continue to engage with colleagues, acknowledging that these decisions affect everyone in the Bank,” Mr Makhlouf said.<\/p>\n","protected":false},"excerpt":{"rendered":"The Central Bank of Ireland is planning cost-cutting measures to make savings of \u20ac75 million. The bank said…\n","protected":false},"author":2,"featured_media":516782,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-516781","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/516781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=516781"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/516781\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/516782"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=516781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=516781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=516781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}