We have just published a “Dear CEO” letter to insurance firms following the completion of an assessment of their Consumer Protection Risk Management Frameworks. From the elements reviewed, the Central Bank found that overall, while the insurers assessed were at differing levels of maturity and some have more work to do than others to reach the maturity levels required, there was clear evidence that the introduction of the Consumer Protection Risk Assessment Guide in 2017 has had a positive effect on the industry, including how consumer risks are identified and managed. All Insurance firms are required to conduct a review and consider the contents of the letter in the context of their own consumer protection risk management frameworks. You can read the letter here: https://lnkd.in/dKeSn6Z5
Central Bank of Ireland
Banking
Our constant and predominant aim is the welfare of the people as a whole.
About us
The Central Bank of Ireland serves the public interest by safeguarding monetary and financial stability and by working to ensure that the financial system operates in the best interests of consumers and the wider economy. We are committed to being an independent, forthright and influential organisation with a compelling, clear and challenging vision of being 'Trusted by the Public, Respected by our Peers, Fulfilling Workplace for our People'. For further information, please see our website - www.centralbank.ie - or follow us on Twitter @centralbank_ie
- Website
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http://centralbank.ie
External link for Central Bank of Ireland
- Industry
- Banking
- Company size
- 1,001-5,000 employees
- Headquarters
- Dublin 1
- Type
- Government Agency
- Founded
- 1943
- Specialties
- Monetary Policy & Operations, Financial Regulation, Financial Stability, Consumer Protection, Economic Policy & Statistics, and Payments Systems & Currency
Locations
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Primary
New Wapping Street
North Wall Quay
Dublin 1, IE
Employees at Central Bank of Ireland
Updates
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Central Bank of Ireland reposted this
The Department of Finance held an event which gathered together stakeholders in Ireland’s financial literacy eco-system to discuss the key priorities and targets for Ireland’s first National Financial Literacy Strategy. “What We Heard” highlights some of the recurring themes and priorities the Department heard from stakeholders during breakout discussion groups held at the event. Read in full here: https://lnkd.in/eEkFqTnA Jack Chambers, Competition and Consumer Protection Commission, Central Bank of Ireland, Irish Banking Culture Board, Olive McCarthy, OECD - OCDE, Chiara Monticone, Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada
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❓ Did you know Central Bank of Ireland regulates around 2,500 brokers and financial intermediaries in Ireland ranging in size from large companies to sole traders? Here’s some consumer information if you need to use one of them. https://lnkd.in/eJu8qNjA
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We are proud to announce our new charity partnerships for 2024/2025. These partnerships reflect our ongoing commitment to give back to – and support – the communities we serve. Over the next two years, we are partnering with: ✔ ALONE ✔@Féileacáin ✔@Irish Lung Fibrosis Association ✔@Jigsaw ✔Saoirse Domestic Violence Services We look forward to working with all of these charities over the next two years. #CharityPartners #MakingADifference #GivingBack
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Central Bank of Ireland has published a Feedback Statement to its Discussion Paper on an approach to macroprudential policy for investment funds. Given the growing importance of the global funds sector for the financing of the economy and the wider financial system, the Discussion Paper outlined key considerations for developing a macroprudential framework for this sector. To find out more see: https://lnkd.in/dmeCZCAN
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✏ *NEW BLOG* A new blog by Gabriel Makhlouf highlights the considerations the government needs to take account of as it frames Budget 2025. ➡ Writing that the budget has important implications for everyone, Governor Makhlouf says the government should set the overall budgetary stance in a way that doesn’t add to inflation, prioritises efficient capital spending and maintains a credible path for the public finances. ➡ He says the economic backdrop to the forthcoming budget is favourable but with the economy at full employment, budgetary policy has a key role to play to manage overall levels of demand in the economy and avoid unnecessarily stoking inflationary pressures. ➡ Governor Makhlouf cites research from the Central Bank which shows that additional fiscal expansion above the 5 per cent rule would add to inflation and “risk triggering potentially damaging overheating dynamics.” ➡ He says he believes it is important to maintain a focus on medium-to-longer term priorities when addressing day-to-day issues adding that the economy “needs investment in public infrastructure to ease bottlenecks.” ➡ In his conclusion, Governor Makhlouf says that as we approach Budget 2025 what is needed is a “credible, considered and future-focused approach” to tax and spending decisions for the second half of this decade that takes into account the “risks, challenges and opportunities” facing the Irish economy and public finances. You can read his blog in full here: https://lnkd.in/dYWtay8U
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💬 Read remarks by Derville Rowland, Deputy Governor, Consumer & Investor Protection given at an industry briefing held today outlining the Central Bank’s approach to implementing the Markets in Crypto-Assets Regulation (MiCAR) including our authorisation and supervisory expectations for firms intending to seek authorisation. https://lnkd.in/eZgvFRNn
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❓ Did you know Central Bank of Ireland is the main compiler of financial statistics in Ireland? Our statistical data is vital in assisting policymakers, financial market participants and the public to make informed decisions. We have now developed a new Open Data Portal using international open data standards to make our data easier to access, reuse and redistribute. This is consistent with the government’s Open Data Strategy which aims to make non-confidential data held by public bodies more easily accessible and available online. To find out more and visit the portal see: https://lnkd.in/dZAMjzSS #opendata
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🌈 ICYMI: Pride Month is a chance for us to stand together to support diversity, inclusion and celebrate the LGBTQIA community so we were thrilled to participate in the recent Dublin Pride Parade. It is an honour to march with thousands of others to celebrate this important occasion. See you same time, same place next year - hopefully minus the rain! 🙏 ☀ #prideparade #pridemonth #pride #LGBTQIA
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Central Bank of Ireland has published an independent review of its Fitness and Probity (F&P) regime which was undertaken by Mr Andrea Enria, former Chair of ECB Supervisory Board. The review found the conduct of the F&P regime at the Central Bank is broadly in line with peer regulators in different jurisdictions across a number of dimensions: ➡ Standards are comparable and robust supervisory judgement is utilised ➡ Statistics on outcomes (approvals, withdrawals of applications, refusals) are in line with other supervisory authorities and do not signal either a particular stringency or leniency of the process ➡ Timelines are well aligned with the target service standards and generally faster than in other countries. However, the review highlighted the need for targeted improvements process consistency across firms of different sizes operating in different financial sectors. The recommendations focus on three areas: clarity of supervisory expectations, governance of the process, and the fairness, efficiency and transparency of the process. Speaking on the publication of the review Governor Gabriel Makhlouf said: “I accept all of the recommendations in the review. They will help us to ensure that the F&P regime continues to perform its key role into the future. In particular, I very much welcome the emphasis on the critical role of supervisory judgement in promoting good governance within the financial sector and the necessity to uphold procedural fairness as its foundation. In this respect there are clearly improvements we can make in the way we manage applications and come to a judgement on them.” For more see: https://lnkd.in/dGtWB6zT
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