The Central Bank of Ireland, along with the Banking Regulator, presided over the greatest cataclysm in Irish banking history.
Even today, they purport to oversee a dysfunctional system that has effectively devolved into a duopoly with little competition and no choice for consumers.
They have done nothing to assist struggling homeowners on variable mortgages who are getting fleeced by these same state owned banks.
And they have done little or nothing to stimulate the banking market, encourage banks to lend to small businesses and consumers or promote economic recovery.
Even an untrained observer could tell you that this adds up to a pretty poor performance.
Thankfully for the Central Bank that doesn’t matter since they are the ones who decide how well they’re performing. And each year since 2010, when they introduced a new performance management system, they have awarded themselves top marks – 88% for the year 2013.
It helps that they set their own targets and then conduct the performance evaluations internally with no impartial input.
This self-adjudged stellar performance means all 1,400 staff will enjoy an extra day’s holidays in the coming year. This, in an organisation where most staff work an average 32 hour week and get 29 days holidays as standard!
And if this unilateral excellence continues, it’s likely that we will see their staff enjoying generous bonus payments also in the not too distant future…