Big jobs at the Asset Protection Agency

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The Treasury is in the process of recruiting its senior team for the new Asset Protection Agency (APA) – which will monitor the bailed out banks' handling of their newly state-insured assets – and it's also likely to provide other job opportunities lower down the ranks in the coming months.

Having announced that it's on the search for a chief executive for the new organisation – which will be at arms length for the Treasury and have responsibility for overseeing £585bn of bad bank debt – the APA is also looking for a head of risk, head of service management and head of operations.

Although it doesn't have specific numbers yet, a Treasury spokesperson tells us that a team will be recruited to work under each of these new divisional heads within the next few months.

"It's likely there will be a number of mid-level hires under each of these functions in order to manage the relationship with these banks and keep the channels of information open. These hires will come out of the banks' budgets, there will be no cost to the tax-payer," they said.

Back office staff will be shared with the Debt Management Office.

Clearly these roles are going to be high-profile and carry a lot of responsibility – you'll be attempting to clean up the balance sheets of RBS and Lloyds TSB, after all – and so they Treasury is looking to attract high-calibre candidates.

However, the prestige (and possibility of a peerage for the CEO?) will have make up for a relatively small salary. The chief exec post will pay around £140k, and although figures for the other roles aren't publicly available, they're obviously going to be smaller than this.

Therein may lie a problem. If you look at the head of risk role as an example, according to a recent salary survey by recruiters PSD, a director level risk position within an investment bank pays an average of between £100-150k, with a bonus of 50-75%.

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