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The Central Bank of Ireland held its 2024 conference yesterday at the Aviva Stadium. The theme for this year was “Delivering a well-functioning financial system in a changing economy.” Gabriel Makhlouf, Paschal Donohoe, and Pablo Hernández de Cos were among the many speakers.
Governor Makhlouf on the New Supervisory Framework
Governor Makhlouf discussed the new supervisory framework:
“Our new supervisory model is building on strong foundations. It will of course remain risk-based but is evolving to deliver a more integrated approach drawing on all elements of our mandate (consumer and investor protection, safety and soundness, financial stability and integrity of the system).
This enhanced approach is based on accumulated experience, on insight, on best practice and is built for a faster moving and more complex financial services sector.
Importantly, it will also place consumer protection at the heart of day-to-day supervision.
It will position us better as an organisation to meet our objectives to ensure consumers of financial services are protected in a changing financial landscape.
Firms will hear one consistent voice from the Bank, with more coordinated messaging and more streamlined demands across the full span of our regulatory and supervisory mandate.
We will promote a more open and transparent supervisory approach. Strategic supervisory priorities will be clearly identified and communicated in a proportionate and timely manner.
To enable and implement our new supervisory framework we need the right operational approach and organisational structure. We are moving to an organisational structure where our regulatory and supervisory directorates will have teams responsible for integrated supervision across all our regulatory outcomes.”
Industry Response
IAIM welcome the efforts for reform and restructuring within the CBI. IAIM will engage with all stakeholders to ensure the best outcomes for investors.