The new jobs will range from junior grades to middle management in insurance, banking and markets supervision and consumer protection, according to a statement from Finreg. The regulator is also trying to fill senior roles in retail credit and trading book risk . . . crucial areas in light of ongoing changes in capital requirements for the financial institutions supervised by the regulator.

The EU's Markets in Financial Instruments Directive (MiFID), which came into effect last Thursday, sets minimum capital requirements for most types of investment firms, while the Basel II accords, which come into force in 2008, will make similar demands on a broader range of finance companies, including retail banks and insurance firms.

The hiring campaign comes at a time of intense human resources activity at Finreg and the Central Bank.

On the day MiFID became law, the Central Bank and Finreg appointed consultants Mercer to evaluate 145 jobs within the two related organisations in terms of responsibilities, pay, conditions and accountability, among other parameters. The brief also included a requirement to investigate the differences between the Central Bank and Finreg on the one hand and comparable private-sector employers on the other.

The same day consultants Sheppard Moscow won a contract valued at between 200,000 and 400,000 to deliver a management development programme for the Central Bank and Finreg.

A notice to tender, posted in August by the Central Bank but not yet awarded, is also seeking a review of business processes within Finreg which will benchmark the body against other regulators and "similar businesses", as well as assessing areas that could be outsourced.

Senior banking sources with close ties to Finreg have told the Sunday Tribune that the regulator and the Central Bank consistently have difficulty competing for qualified staff with the private sector, specifically with the IFSC firms they regulate. As the compliance burden on financial institutions increases with MiFID and Basel II, both the regulator and financial firms will have to ramp up their numbers, intensifying competition further.

However, the regulator told the Sunday Tribune that secondment arrangements with private finance firms will be considered when filling the advertised roles, but that it is primarily seeking full-time, permanent staff.

The Financial Industry Consultative Panel, an independent body which advises Finreg, discussed staff levels, retention and turnover at the regulator at its September meeting. The panel has sought information regarding exit interviews from the Central Bank's human resources department. The Central Bank and Finreg together employ nearly 1,000 people.