The Central Bank of Ireland has once again given an indicator of just how big its regulatory muscles have grown in the new financial landscape, and shows just why so many financial services professionals are vying for the vacancies there.

The Central Bank and Credit Institutions (Resolutions) Bill , published bang on deadline yesterday evening, gives the regulator sweeping new powers, which allow it to seize control ailing institutions and potentially run down and break up banks.

It will also have the power to parachute in ‘special manager’ – a role that will require a highly experienced financial services professional, whose remuneration will be paid for by the relevant bank – to run the firm and, should they feel it appropriate, fire any employees, directors or consultants.

This is affectively a revised version of last year’s Credit Institutions Stabilisation Act, which would have handed extra powers to the Minister for Finance and is in place until 2012, and aims to ensure that institutions are taken over before they become a threat to the banking system.

This is another sign of just how much extra clout the financial watchdog has developed over the past year.

The Central Bank is currently on the hunt for a deputy head of wholesale banking supervision as it looks to develop and implement a special resolution regime, a role it describes as an “outstanding opportunity to contribute to the restructuring of the financial services sector in Ireland.”

But it’s also been recruiting elsewhere in recent months including roles for financial analysts, risk management, compliance and retail banking supervision as well as around 75 roles for its new Enforcement Directorate.

In fact, the aim is to nearly double its staff base to 1,400 by 2012, many of whom will be on an average salary of €80k. Not surprisingly, in this age of limited job opportunities, the roles at the Central Bank have become a rather popular option.

“I wouldn’t say there’s a clamour of candidates for these roles, but there’s certainly been a notable increase over the last six months,” says one recruiter who has worked for the Central Bank. “Money is not the main motivator, neither is the relatively security of the role, it’s more that most people think it’s an exciting time to help shape the new regulatory regime.”