Central Bank of Ireland Commission approves restructuring of financial regulation functions

Changes to Central Bank of Ireland structure

On 30 May 2017, the Central Bank of Ireland announced that its Commission has approved the restructuring of the Central Bank’s Financial Regulation functions.

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"The restructure is designed to ensure the Central Bank is suitably equipped to meet its expanded regulatory mandate," the Central Bank said in a statement.

Summary of changes

  • Financial regulation functions will be organised under two pillars - Prudential Regulation and Financial Conduct.
  • The Prudential Regulation pillar will include the directorates for credit institutions; insurance; and asset management supervision. 
  • The Financial Conduct pillar will include the directorates for consumer protection; securities and markets supervision; and enforcement.
  • The Policy and Risk Directorate will support both pillars but will be part of the Financial Conduct pillar for administrative purposes.
  • The Central Banking pillar and the Operations pillar of the Central Bank will remain unchanged.
  • Prudential Regulation will be led by a Deputy Governor (Prudential Regulation), which is a statutory position. The role holder will also be an ex officio member of the Commission and responsible for the Bank’s representation at the Single Supervisory Mechanism (SSM), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA).
  • The Financial Conduct pillar will be led by a newly-created role: Director General (Financial Conduct). The role holder will also be responsible for the Bank’s representation at European Securities and Markets Authority (ESMA). Although not a member of the Commission, the Director General (Financial Conduct) will provide reports at each Commission meeting and will be fully available to the members of the Commission.
  • In addition, a new Financial Regulation Oversight Committee will be established to ensure effective coordination of the regulatory work of the Central Bank. The membership of the oversight committee will consist of the Governor, both Deputy Governors (for Central Banking and Prudential Regulation) and the Director General (Financial Conduct).

For further details, see here.

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