Aggregated News From Investment Management Regulators

Ireland

Climate change a key focus for the Central Bank

Central Bank to participate in US dollar-denominated green bond investment fund. Behind the Data presents new green bond indicators, highlighting that, by sector, Irish-resident investment funds are the largest holders. Survey of insurers finds that while the majority of firms have put management structures in place to oversee climate risks, over half don’t have a climate strategy, plan, or policy in place. The Central Bank of Ireland today (13 May 2021) announced its participation in the US dollar-denominated green bond investment fund for central banks established by the Bank for International Settlements (BIS). Investing in this green bond fund forms...

Opening Statement by Gráinne McEvoy, Director of Consumer Protection at Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Introduction Good afternoon Chairman, Committee members. I am joined today by my colleague Kevin O’Brien. We welcome the opportunity to appear before you today to discuss the Consumer Credit (Amendment) Bill 2018. As the Committee is aware, licensed moneylenders are legislated for under the Consumer Credit Act 1995 (the “1995 Act”), which sets out the specific regulatory regime for this sector, including provisions reflecting the particular features of this sector and, in particular, the high cost of this type of credit. The Central Bank assumed responsibility for licensing and supervising moneylenders in 2003, when responsibility transferred from the Office of the...

Central Bank publishes review of firms undertaking algorithmic trading

Thematic review assessed how firms undertaking algorithmic trading have incorporated MiFID II requirements into their risk management and control frameworks. Some positive practices identified but risk and control frameworks require continued improvement. Engagement ongoing with firms where specific concerns were identified. All firms engaging in algorithmic trading should review and take all necessary remedial action. The Central Bank of Ireland has today (11 May 2021) written to CEOs of firms undertaking algorithmic trading following a thematic review which assessed how such firms have complied with risk management and control framework requirements as required by regulatory technical standards for investment...

Ireland’s brightest young economists honoured by the Central Bank of Ireland at the 2021 Generation €uro Students’ Award

Students from Belvedere College in Dublin win top award. Coláiste Ghobnatan in Cork and Killorglin Community College in Kerry runners up in the national final. Ireland’s brightest young economists – students from Belvedere College in Dublin, Coláiste Ghobnatan in Cork, and Killorglin Community College in Kerry - competed in a tightly contested national final in the Generation €uro Students’ Award run by the Central Bank of Ireland. Students from Belvedere College in Dublin claimed the top award after beating tough competition from Coláiste Ghobnatan and Killorglin Community College in the national final. Now in its eighth year, the school competition, run...

Statement – Provident Personal Credit Limited

The Central Bank of Ireland has been notified of the decision by Provident Personal Credit Limited t/a Provident to stop providing new moneylending loans in the Republic of Ireland. While commercial decisions relating to the general operation and the strategic direction of regulated firms are a matter for the individual boards and management of firms, the Central Bank expects the firm to engage with its customers on the implications of this decision, in line with regulatory requirements. While Provident is no longer issuing new loans, customers can continue to engage with the firm as normal with any queries on existing...

​Central Bank examines credit conditions for Irish households and SMEs

The contraction in new lending volumes during the pandemic was largely driven by a fall in demand rather than a contraction in supply through tighter credit standards. Some forward-looking risks to credit supply remain, including the possibility of higher than anticipated deterioration in credit quality on lender balance sheets. Non-bank lenders provided €3.7bn in new loan agreements to Irish SMEs between 2019 and 2020. Lending to real estate SMEs had the largest share at €1.8bn. Today (29 April 2021) the Central Bank of Ireland published an Economic Letter entitled ‘Credit Conditions for Irish Households and SMEs’, written by Jane...

“Commercial change and member lending can deliver sustainability” Registrar of Credit Unions Patrick Casey

Address by Registrar of Credit Unions Patrick Casey, to the Irish League of Credit Unions Annual General Meeting - 24 April 2021 President, ILCU Board members, ladies and gentlemen, I am delighted to be addressing your 2021 virtual AGM. The pandemic has resulted in unprecedented challenges. We have seen extreme measures taken to protect public health, triggering an extraordinary economic shock. For credit unions, like others, this has presented many operational and financial challenges. Those challenges continue. The full impact of the shock will take time to unfold. To date credit unions have been very effective in maintaining continuity of services to members....

Statement – Response to Dun Laoghaire Rathdown County Council Draft Development Plan for 2022 – 2028

Dun Laoghaire Rathdown County Council has published a Draft Development Plan for 2022 - 2028. As part of this plan DLRCC is proposing to rezone land in the Currency Centre in Sandyford from Residential to Economic. John Spain Associates has made a submission on behalf of the Central Bank of Ireland to retain the current Residential status. This submission is available to the public via the DLRCC website: Submission. The Central Bank is currently undertaking a Strategic Review of its operations and facilities in the Currency Centre with a view to improving efficiency and effectiveness. This review has been notified to...

“Delivering trust in money and payments, ensuring safety, resilience efficiency and access” – Deputy Governor, Sharon Donnery

Two key trends have been shaping the payments landscape; speed and innovation. It is important that we continue to ensure choice of payments and the availability of cash. Having harmonised standards, common goals and shared policies on a pan-European basis builds trust in our systems. The Central Bank of Ireland today (28 April 2021) hosted a webinar entitled “The Future of Retail Payments.” The event provided industry stakeholders with an overview of technological innovation and strategic policy developments within the retail payments sector. Deputy Governor Sharon Donnery opened the webinar by highlighting the evolving landscape of payments “Two key trends...

Regulations requiring Recovery Plans for (Re)insurers published

A well-functioning insurance sector safeguards consumers and contributes to economic growth and financial stability. New regulations mean (re)insurers are required to prepare pre-emptive recovery plans. Deadline for preparation of plans is 31 March 2022. The Central Bank of Ireland has today (27 April 2021) published the feedback statement and responses received to consultation paper 131 “Regulations for pre-emptive recovery planning for (re)insurers)”. In 2020 the Central Bank undertook a public consultation on proposals to introduce formal recovery planning requirements for (re)insurers. As a result of that consultation the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Recovery Plan Requirements for...

Virtual Asset Service Providers are subject to AML/CFT requirements for the first time

Virtual Asset Service Providers (‘VASPs’) in Ireland are now required to comply with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations. VASPs are required to register with the Central Bank for AML/CFT purposes. VASP AML/CFT registration information is available on the Central Bank website. The European Union’s Fifth Anti-Money Laundering Directive (‘5AMLD’) has been transposed into Irish law today (23 April 2021) by way of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021. For the purposes of the legislation, VASPs are firms that provide any of the following services relating to virtual assets: a) exchange between...

“If borders are not a barrier to criminals, they must not be a barrier to effective global criminal investigations either” – Derville Rowland, Director...

Central Bank welcomes European Commission Anti-Money Laundering Action Plan Single supervisor will deliver a consistent application of the rules and eliminate gaps that can be exploited by criminals Coordination mechanism for financial intelligence units an important step Director General, Financial Conduct, Derville Rowland spoke at the International Fraud Prevention Conference 2021 today (21 April 2021), where she provided an overview the role of the Central Bank in the fight against money laundering and the financing of terrorism. Ms Rowland outlined the reasons why effective anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks are so important: “The laundering...

Regulator Information

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