Dublin credit market growth is leaving some risk recruiters breathlessly trying to keep up with demand.

James Hayes, manager for banking and financial services at Robert Walters, reports the traditional corporate lending market is “growing and growing”, both domestically and internationally. Meanwhile, the structured credit market is being spurred by Dublin-based German institutions.

It’s a view shared by Nicola Flavin, head of banking and financial services at rival recruiter Accreate. She says the market is very tight for credit risk analysts, “from vanilla to structured products”.

Demand is such that if you’re an experienced risk manager, recruiters say you can easily walk out of their offices with five potential job openings. Pay is distinctly healthy: a senior analyst can command €90k to €110k a year, plus a bonus of 20% – up some 10% on 2006.

Efforts are afoot to remedy the shortage. University College Dublin has started an MSc course to get more people into risk. Credit risk consultancies are also taking up the slack.

However, demand looks set to keep on growing. Basel II is leading to an increased focus on operational risk, and is fuelling demand for country risk analysts with quantitative and credit-modelling skills. Hayes says demand is particularly fierce for country risk specialists who can take a macro view and compare the economies and demographics of the emerging markets of Eastern Europe, China and the rest of Asia.

Bank of Ireland is believed to be on the prowl for operational risk staff, while Anglo Irish and AIB are said to be on the look-out for specialists in market risk.