The Central Bank of Ireland is planning cost-cutting measures to make savings of €75 million.
The bank said €26m of this will be achieved through pay cost management but this will not involve compulsory redundancies or pay cuts.
Instead, management will examine how departments can contribute to efficiency gains through structural and operational changes, with detailed decisions expected in the autumn.
The remaining €49 million of savings will come from non-pay efficiencies including enhanced commercial discipline, reduction in contractor spend, process improvements and automation.
The bank said it had identified the need to moderate expenditure growth to approximately 3% annually to 2030, down from a projected 6% baseline.
“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.
“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.”
“This underscores the importance of managing expenditure responsibly.”
“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.
