Phased programme to build capacity – particularly understanding of financial markets; Develop data of ‘financial system’ as oppose to ‘financial sector’ in Scotland; Support work of financial services companies; Non-staff capacity; Links to NSI and central banks; and, Recruitment. Build internal capacity to advise/monitor financial stability as set out in j) above 18 months – and longer (phased in to ‘post 2018’ requirements) March 2016 Captured in i) of Deliver Vision of Macroeconomic Stability above Possible links to SMI Staff Requirement: Institutional framework - including establishing a Scottish Monetary Institute Steps required Time needed to complete this step Deadline for completing this step Additional Staff Required SG Public Body Scope project to build SMI: To be run in parallel to above projects – and subject to outcome of negotiations; Capability building programme (including skills mix, of functions); Structure of teams and roles and responsibilities; Phased programme to build capacity; Relationship/knowledge exchange programme with IMF, OECD, BofE & other governments; Non-staff capacity; Links to NSI and central banks; and, Recruitment. Establish structure and role – including extent of non-monetary functions housed within SMI (e.g. oil fund) 3 months End 2014/early 2015 Captured in i) of Deliver Vision of Macroeconomic Stability
Accountability to Scottish Ministers and Parliament Appoint Governor (and possible Deputy Governor(s)) of SMI Already captured in point b) of Robust and workable monetary system as part of a Sterling union Being undertaken Sep 2014 Existing Staff + consultancy fees for technical support SMI Governor and Deputies plus initial support Establish resource requirements (based on agreed remit and responsibilities) of SMI Captured in i) of Deliver Vision of Macroeconomic Stability New SMI (subject to negotiation) Deliver a (incorporated c)). Accommodation and IT facilities; Corporate functions (HR, payroll, Finance, facilities management, insurance, procurement, security). NB: depends on decision to set up as Agency or NDPB; Consideration and implementation of appropriate assessments (Strategic Environmental Assessment, Business and Regulatory Impact Assessment & Equality Impact Assessment); Recruit and appoint initial set of staff; Comms & engagement strategy with key stakeholders; Corporate functions including branding and website. 18 months – and longer (phased in to ‘post 2018’ requirements) 2016 Captured in i) of Deliver Vision of Macroeconomic Stability New SMI Staff (subject to negotiation) 20-40 at various grades envisaged initially. If the SMI was to adopt further functions it would require more staff – estimates are for the SMI taking on limited functions Agree arrangements for data sharing and international reporting working in conjunction with the SMI, EU institutions and FSB. 18 months – and longer (phased in to ‘post 2018’ requirements) March 2016 Captured in i) of Deliver Vision of Macroeconomic Stability above
12 C Band 18 B Band 2 A-Band The team need to include specialist expertise/skills in technical macroeconomic analysis (e.g. central banking and regulation). 1 DD 12 C-Band 18 B-Band 2 A-Band Note: Staffing requirements for all divisions (excluding forecasting) are included the finance annex 1 DD 12 C-Band 18 B-Band 2 A-Band Note: Staffing requirements for all divisions (excluding forecasting) are included the finance annex Scottish Pub. Body additional staff: 1. Scottish Monetary Institute Recruitment of staff will be required for the SMI. This would require recruitment of senior leaders – e.g. equivalent of Perm Sec level – and additional support. Option 1 It is estimated that a total of around 20 staff would be recruited for the SMI over this period to develop the SMI’s role in macroeconomic research and statistics, as well as international reporting. 1 “Perm Sec” level 2 SCS level. 10-20 C-Band 6-12 B-Band 2-4 A-Band Where development work is being taken forward for macroeconomic statistics functions there are links to plan for NSI Dependent upon plan for SMI over longer term and outcome of negotiations. Option 1 – likely to require around staff (at various grades) 1 Perm Sec level 2 SCS level. 10-20 C-Band 6-12 B-Band 2-4 A-Band Option 2 – significant expansion in resource required in longer term, but initially this could be staged as per option 1 above for the period March 2016-2018 Option 1 -, as per previous column, will continue to require around 20-40 staff 1 Perm Sec 2 SCS 10-20 C-Band 6-12 B-Band 2-4 A-Band Option 2: Over time, this option will require significant expansion in resource (but accompanied by some profit making facilities – e.g. banking department income). It is estimated that around 200-450 staff would be required for an SMI with expanded responsibilities. 8-25 SCS equivalent posts. 75-140 C-Band 100-230 B-Band 17-50 A-Band