Central Bank job cuts to affect up to 140 employees

The Central Bank confirmed the plans on Wednesday

The Central Bank of Ireland has confirmed plans to cut up to 140 jobs.

The move was outlined by officials in a financial strategy update published on Wednesday, 4 November.

Why the Central Bank job cuts are happening

From its projected spending by 2030, the bank wants to cut €75 million.

Non-pay measures, which include tighter IT investment and lower spending on consultants and contractors, will lead to most of that saving.

A further €26 million is due to come from payroll, an 8% cut versus previously planned 2030 pay spending.

The Central Bank said: "The reduction in pay costs will be met through changing the size and shape of the bank, which is anticipated to lead to a reduction of around 120-140 roles."

What happens next for Central Bank staff

As RTÉ reported, staff will learn more about eligibility and the application process in the coming days.

The voluntary scheme runs alongside ongoing engagement between management and staff representatives.

How many jobs will the Central Bank cut?

Between 120 and 140 roles will go, mostly through voluntary severance.

Why is the Central Bank cutting jobs?

It wants to cut €75 million from projected spending by 2030, with €26 million of that coming from reduced pay costs.