)
“Everything we are doing is to help policymakers and regulators,” said Michael D'Arcy, Chief Executive of the Irish Association of Investment Managers, speaking today at the Central Bank of Ireland’s Financial System Conference: Achieving Good Outcomes in an Uncertain World.
“If anyone was doing a word count today, the most often used word on this stage would be ‘uncertainty,’” he said, warning that the industry faced at least another 15 months of unpredictability.
He added: “There are eight scheduled elections in the European Union in the next 12 months. There will be a new European Parliament and a new European Commission, which brings new commissioners—some of whom may be experts in our industry and some of whom may not.
“Added to that, Spain and the Netherlands have caretaker parliaments, we may face an election in the UK, and we may or may not have a US election behind us—but there are no guarantees.”
The Importance of Stability
Michael D'Arcy emphasised the critical importance of ensuring market stability amid ongoing uncertainty.
“People talk about the ‘centre holding,’ and it is critically important to ensure calm in the market,” he said. “In the face of such a wave of change and uncertainty, policymakers and regulators must make sure that the asset management landscape remains stable and safe for savers and pension holders.”
Panel Discussion on EU Financial Regulation
Michael D'Arcy was speaking on a panel titled EU Financial Regulation - So Much The Better? alongside:
Paulina Dejmek Hack, Director for General Affairs, Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Sharon Donnery, Deputy Governor, Financial Regulation, Central Bank of Ireland
Michael J. McGrath, Assistant Secretary, Department of Finance
Fausto Parente, Executive Director, European Insurance and Occupational Pensions Authority
Alessandra Perrazzelli, Deputy Governor, Banca d’Italia
Tanguy van de Werve, Director General, EFAMA
The event featured a range of diverse opinions from policymakers, regulators, industry leaders, and consumer groups from across Ireland, the UK, and the EU. Key speakers included Gabriel Makhlouf, Governor of the Central Bank of Ireland; Andrew Bailey, Governor of the Bank of England; John Berrigan, Director-General at the European Commission’s DG FISMA; and Amanda Blanc, CEO of Aviva.