Central Bank of Ireland today (Monday 2 November) hosts its annual Financial System Conference at Croke Park in Dublin. It brings together c. 500 delegates including international and domestic policy experts, senior figures from the financial services industry, and stakeholders from across the financial ecosystem. Key…
Why this matters
The press release centres on the Governor's opening remarks and announcements at the conference, so it is classified as a speech. It addresses AI governance and accountability expectations for regulated firms, which supports the Technology & Cyber and Senior Managers / Governance topics.
Introduction Good morning everyone. I am delighted to welcome you to our 5 th Financial System Conference. 1 Almost 7 years ago in my first speech as Governor, I spoke of the importance of economic resilience through the transitions shaping our world. 2 In that speech in Waterford, I focused on climate and…
Why this matters
The document is opening remarks by Governor Makhlouf, so it is a speech. Tokenisation and DLT content supports the digital assets and capital markets sectors, since it covers how financial assets are issued, held and transferred.
In his latest blog, Governor Gabriel Makhlouf discusses ECB Governing Council's decision to not change interest rates, as well as the IMF Annual Meeting in Bangkok, Thailand.
Why this matters
The document is an official blog post by the Central Bank of Ireland Governor, so it is classified as a speech. It covers monetary policy (the unchanged 2.5% Deposit Facility Rate, data-dependent guidance, and a December watch list), IMF Global Financial Stability Report themes, and planned publications on...
Opening Remarks by Director of Horizontal Supervision, Patricia Dunne at "Moving the Dial on Customer Experience", a Central Bank of Ireland Seminar.
Why this matters
The document is remarks by a named Central Bank official (Director of Horizontal Supervision) opening a seminar, so it is classified as a speech. It covers retail financial services across banking, insurance, investment, payments and intermediaries, so the sector is General.
Introduction Good afternoon everyone. Thank you, Paul and Lory, for the invitation, and thank you to Blockchain Ireland and TEDx Dublin for putting this afternoon together – it really is quite the lineup. So – as the summit was pitched – we are here today to explore how the new era of digital on-chain finance has the…
Why this matters
This is an official speech by a named Central Bank of Ireland director. It discusses tokenisation, central bank money as settlement asset, interoperability, and consumer trust in payments.
Introduction Good morning and many thanks to Moyagh and the team in Insurance Ireland for the invitation to speak to you today. 1 The theme of this year’s Forum – a stronger Europe – is an important one, and is a question on the minds of policymakers, regulators and industry alike as Europe looks to meet its moment…
Why this matters
The document is a speech by a named Central Bank of Ireland Deputy Governor to Insurance Ireland. It is insurance-specific and emphasises operational and cyber resilience (including DORA and third-party dependencies), AI governance under the AI Act, and simplification of the prudential framework (Solvency II revision...
Introduction Good morning everyone, You are all very welcome here today to Central Bank of Ireland’s Payments and E-Money seminar - a forum where we can reflect together on the key developments, challenges and risks facing the payments ecosystem. I would like to say thank you to Tommy Hannafin and his team for…
Why this matters
The document is a speech by a named Central Bank of Ireland director at a sector seminar, so it is classified as speech. Payments & E-Money is the primary sector, and Crypto & Digital Assets is included because the speech discusses EMTs and stablecoins being explored for broader payment use.
Deputy Governor Colm Kincaid gives a speech at the Compliance Institute Annual Conference 2026
Why this matters
The document is a speech by Deputy Governor Colm Kincaid at a compliance conference, so it is classified as speech. Consumer protection is the dominant theme, covering complaints, the Consumer Protection Code, customer experience and digitalisation.
Speech by Deputy Governor Mary-Elizabeth McMunn at Electronic Money Association Conference
Why this matters
The document is a speech by Deputy Governor Mary-Elizabeth McMunn at the EMA conference, so it is classified as speech. Payments & E-Money is the primary sector given its focus on payment service providers and e-money.
Remarks by Deputy Governor Colm Kincaid at the Irish Criminal Justice Agencies Conference 2026
Why this matters
The document is remarks by a named Deputy Governor at a conference, so it is classified as a speech. The substance centres on fraud and scams, payments-related consumer protection, and information-sharing to combat financial crime, which supports Banking & Credit and Payments & E-Money as sectors and AML / Financial...
Remarks by Governor Gabriel Makhlouf on the launch of The Evolution of Bank Governance in the EU
Why this matters
The document is remarks by the Central Bank of Ireland Governor at a book launch, so it is a speech. It discusses board effectiveness, challenge culture, individual accountability, and fitness and probity reforms following the Enria review, which fall under Senior Managers / Governance.
In his latest blog, Governor Gabriel Makhlouf writes a letter addressing students of economics, sharing some of the knowledge he has acquired over his career to date.
Why this matters
This is a speech/letter from Gabriel Makhlouf (CBI Governor) addressed to economics students, offering reflections on the discipline of economics, the role of economists in policymaking, and practical advice for students entering the field.
Central Bank of Ireland Governor Gabriel Makhlouf today (Thursday 1 October) spoke at the Irish Funds Annual Global Funds Conference , where he set out why deeper, more integrated European capital markets matter for Irish households and the wider economy. Delivering this requires the financial services sector to take…
Why this matters
This is a speech by the Central Bank of Ireland Governor delivered at an industry conference. While not a binding rule or consultation, it provides noteworthy regulatory signals on three specific resilience priorities: shock resilience, operational resilience (with emphasis on third-party concentration risk and exit...
Good morning. Thank you for the invitation to speak here today. The success of Ireland’s funds sector is well known. Europe’s second-largest fund domicile and a top-three global player, Ireland now hosts €5.6 trillion in investment fund assets and serves investors around the world. This success is a credit to the…
Why this matters
This is a speech by CBI Governor Makhlouf to the Irish funds sector. While informational in nature (urgency: null), it carries significant regulatory signals: (1) explicit supervisory focus on operational resilience culture and third-party service provider concentration risk; (2) acknowledgment of uneven compliance...
Good morning everyone, and welcome to North Wall Quay. It is good to see you all here. These roundtables have become an important part of how we work at the Central Bank. You all bring perspectives that help us understand how the financial system works for people in practice, and where it may be falling short. Colm…
Why this matters
This is an informational speech by the Central Bank Governor outlining broad strategic themes (demographic change, financial system resilience, climate transition, household welfare) and announcing future strategy development (2028-2032).
Seána Cunningham delivers her opening remarks at the UNEP Global Sustainable Insurance Summit in Dublin.
Why this matters
This is a speech by the Central Bank of Ireland's Director of Insurance at an international summit. It articulates regulatory expectations around climate risk, insurance market resilience, and adaptation finance.
Tánaiste, Ministers, Governors, Commissioners, Deputy Governors, colleagues and friends. It is a great pleasure to join the Tánaiste in welcoming you to Dublin this evening. I am conscious that, at this point in the proceedings I am standing between you and the next course. So, I will resist the central banker’s…
Why this matters
This is a speech by the Central Bank of Ireland Governor at an informal ECOFIN dinner. The content discusses geopolitical fragmentation, technological change in financial systems (AI, digital banking, new forms of money), and the importance of trust and collective action among European policymakers.
Central Bank of Ireland Governor Gabriel Makhlouf today (Friday 18 September) spoke at The Future of Finance Conference held in Dublin. Governor Makhlouf opened the conference with a focus on trust “At the Central Bank of Ireland, our work on the payments system is an important part of our economic, policy and…
Why this matters
This is a high-level policy speech by the CBI Governor outlining three core policy pillars (infrastructure modernisation, resilience requirements, and responsible innovation) for the future payments system.
Good morning, and welcome to our conference on “Trust and Innovation: The Future of Finance”. This morning’s event takes place on the sidelines of the Informal ECOFIN – an occasion that brings together many of Europe’s most experienced economic policy makers to discuss pressing questions. And payments, I would argue…
Why this matters
This is a high-level policy speech from the Central Bank of Ireland Governor delivered at an Informal ECOFIN conference. It outlines the CBI's strategic framework for payments regulation and innovation, emphasizing the two-tier architecture of money (public and private), the role of central bank digital currency, and...
Good evening. I know you’ve already been here for a couple of days but it’s a pleasure to extend my own – slightly delayed – welcome to all visitors to Dublin. Today you have covered Basel divergence, the Banking Union, the Savings and Investments Union, stablecoins and banking competitiveness. You have certainly…
Why this matters
This is a high-level policy speech by the Central Bank of Ireland Governor addressing the Eurofi Financial Forum. It contains noteworthy regulatory signals on key structural issues (Banking Union completion, cross-border banking fragmentation, capital requirements simplification, and digital payments infrastructure)...
Central Bank of Ireland Governor Gabriel Makhlouf today (Thursday 17 September) spoke at the Eurofi Financial Forum held in Dublin, where he said Europe needs to move faster on the completion of the Single Market. Governor Makhlouf said: “We need to create One Single Market – in goods, services, and capital…
Why this matters
This is a speech by the Governor of the Central Bank of Ireland at a financial forum, presenting policy views rather than announcing binding obligations or enforcement actions.
Good afternoon Cathaoirleach and members of the Committee. I am joined by Dr Thomas Conefrey, Head of Irish Economic Analysis, and we thank you for the opportunity to engage in advance of October’s Budget . Every day, train commuters across Ireland hear a familiar warning: mind the gap. This phrase aptly captures the…
Why this matters
This is an informational speech by a Central Bank official to a parliamentary committee on budgetary oversight. While it does not impose binding obligations, it articulates the Central Bank's formal position on fiscal sustainability risks, corporation tax revenue volatility, and recommended expenditure constraints.
In his latest blog, Governor Gabriel Makhlouf explains the ECB Governing Council's decision to raise interest rates as well as why he supports it.
Why this matters
This is an informational speech/blog by CBI Governor Gabriel Makhlouf explaining the rationale behind a 25bp rate increase to 2.5% and forward guidance on monetary policy.
Good morning everyone. Thank you for the opportunity to speak to you here today in Croke Park – a place that embodies what can be achieved in Ireland. As the children return to school and the rain settles in, Ireland’s extraordinary summer has finally begun to turn. And it really was extraordinary – the driest on…
Why this matters
This is a speech by Deputy Governor Colm Kincaid to a public sector management conference. It is informational and forward-looking rather than prescriptive, but contains significant strategic guidance on four workplace dimensions (digitalisation, longer careers, lifelong learning/AI, hybrid work) that reflect emerging...
In his latest blog, Governor Gabriel Makhlouf reflects on his outreach visits to all 26 counties and what they taught him for his second term as governor of the Central Bank.
Why this matters
This is a reflective speech by the Central Bank of Ireland Governor summarizing county visits and economic observations. While it touches on consumer protection (revised Consumer Protection Code), financial inclusion, and access to banking services, it is primarily informational and forward-looking rather than...
In this weeks blog, the governor outlines why his ECB Governing Council colleagues and him decided to leave interest rates unchanged. The Deposit Facility Rate, through which they steer the monetary policy stance, remains at 2.25 per cent.
Why this matters
This is an informational speech by ECB Governing Council member Gabriel Makhlouf explaining the decision to hold interest rates unchanged and outlining monitoring priorities before September.
Good morning, I am delighted to be here and many thanks to Andrea for the invitation. 1 I very much look forward to the discussion and to hearing from you, but first of all I would like to set the scene with some perspectives on the environment we are operating in. Last month I set out my views on some of the key…
Why this matters
Deputy Governor McMunn's speech addresses governance and delegation practices in Irish fund management companies, with focus on operational resilience, AI governance, and supervisory expectations.
Cathaoirleach and Committee members, thank you for the invitation to be here today. I am joined by my colleagues Deputy Governor for Monetary and Financial Stability, Vasileios Madouros, and Colm Kincaid, Deputy Governor for Consumer and Investor Protection. The Economic Outlook Let me begin with the economic outlook…
AI Analysis
The Central Bank of Ireland (CBI) Governor used this Oireachtas hearing to restate that the CBI will act only within its statutory mandate on prospectus approval, while also signalling that the EU Prospectus Regulation framework has changed materially since 5 June 2026 because of Regulation (EU) 2024/2809. For compliance teams, the key point is that prospectus-related processes, disclosures, and approval planning should now be reviewed against the amended EU regime and the CBI’s existing approval timetable requirements, including the 90 working day decision rule for non-SME prospectuses and 100 working day rule for SMEs.
Key dates
20 July 2017
- The Prospectus Regulation entered into force at EU level
21 July 2019
- The Prospectus Regulation fully applied, and Ireland’s implementing regulations for the regime came into operation
31 March 2022
- New Irish Central Bank fee regulations for prospectus and related document approvals came into operation
7 March 2024
- The Central Bank’s revised Prospectus Regulatory Framework Q&A was published, updating operational guidance on approval, publication, and passporting matters
11 March 2024
- GEM rule amendments took effect for certain retail debt securities listings, providing related market infrastructure context
Suggested considerations
Review all prospectus templates, disclosure checklists, and approval workflows against the amended Prospectus Regulation provisions that became fully applicable on 5 June 2026.
Reassess transaction timetables to ensure the planned filing date allows for the 90 working day or 100 working day CBI review window, plus any needed extension request.
Submit any request for a one-off 30 working day extension before the original approval period expires, and include the required reference details in the request.
Confirm whether any current or planned issuance qualifies as an SME transaction, because the approval deadline differs from the standard timetable.
Update internal sign-off procedures so legal, finance, and compliance teams can demonstrate that prospectus materials are prepared in line with the CBI’s statutory mandate and the amended EU framework.
What changed
- Regulation (EU) 2024/2809 amends elements of the Prospectus Regulation, and those amendments fully took effect on 5 June 2026.
The Prospectus Regulation continues to apply as the core EU framework for prospectuses, with the CBI acting as the competent authority in Ireland for approval matters.
The CBI states that it must decide on a prospectus application within 90 working days of receipt of the initial application, or 100 working days for an SME.
If the review exceeds the applicable working-day limit, the CBI will cease reviewing the prospectus without approving it and will notify the issuer, offeror, or person seeking admission to trading.
A one-off extension of 30 working days may be requested before the original 90 working-day period lapses, including for SMEs.
Compliance impact
Non-compliance risk is high because a failed or delayed prospectus approval can block issuance, delay admission to trading, and disrupt capital raising. Firms also face execution and disclosure risk if they do not align their documentation and timetables to the amended EU regime and the CBI’s approval mechanics.
Central Bank of Ireland has today (13 July) published the annual letter from Governor Gabriel Makhlouf to the Tánaiste and Minister for Finance ahead of Budget 2027. In his letter, the Governor underscores the importance of building economic resilience in the face of heightened global uncertainty and structural…
Why this matters
Governor's pre-budget letter addresses macroeconomic policy and fiscal framework rather than firm-specific regulation. Content focuses on economy-wide resilience, tax revenue sustainability, and public investment priorities.
Good morning everyone. I am delighted to be joined this morning by the Tánaiste and Minister for Finance for the launch of a commemorative circulating coin to mark Ireland’s Presidency of the Council of the European Union. The coin will circulate across the euro area, reflecting our place at the heart of Europe and…
Why this matters
This is an informational speech by the Central Bank of Ireland Governor announcing the launch of a commemorative €2 circulating coin to mark Ireland's EU Council Presidency.
In the summer of 2012, with bond markets pricing in a chance of a euro breakup, Mario Draghi pledged to do “whatever it takes” to preserve the currency union. It worked: spreads fell, though the programme behind the pledge, Outright Monetary Transactions (OMT), was never used. Despite having no formal relationship…
Why this matters
Speech by ECB Governor on fiscal-monetary policy coordination and price stability in the eurozone. Addresses sovereign market disruptions, fiscal commitments, and central bank credibility.
Good morning. It is a pleasure to welcome you this morning to the Central Bank of Ireland and to the tenth annual Macroprudential Conference, organised jointly with the Deutsche Bundesbank, the Nederlandsche Bank, and the Sveriges Riksbank. Let me begin by thanking the scientific committee for bringing together such a…
Why this matters
This is an opening speech at the 10th Annual Macroprudential Conference by the Central Bank of Ireland Governor. It is informational/educational content discussing macroprudential policy frameworks, financial system resilience, and emerging risks including non-bank finance, cross-border payments, stablecoins, and...
Good regulation matters. It matters for consumers and for investors. It matters for firms and the wider economy, and for resilience and the stability of the financial system. In the Central Bank, regulation is central to how we deliver our safeguarding outcomes: protecting consumers and investors, maintaining…
Why this matters
This is a speech announcing the Central Bank of Ireland's consultation on Regulatory Impact Assessment and stakeholder consultation approaches. It is informational/strategic in nature, outlining the regulator's commitment to evidence-based policymaking and continuous improvement across the financial system.
Good morning and thank you to BIPAR for inviting me to speak at your event today, as we approach the start of the Irish Presidency of the Council of the European Union. As the financial sector continues to evolve, the contribution of intermediaries remains as important as ever. Around 2,500 of the 3,300 firms the…
Why this matters
Deputy Governor speech outlining CBI's supervisory priorities for retail intermediaries. Key focus areas include consumer vulnerability, commission arrangements, unregulated activities, and digital transformation. Informational in nature, setting regulatory expectations rather than announcing new rules.
Good afternoon and thank you for inviting me to speak today. Last week, the ECB’s Governing Council decided to raise interest rates by 0.25%. This is the first change since June 2025 – the first increase since 2023 – and brings the main policy rate, the Deposit Facility Rate, to 2.25%. Our decision is a response to…
Why this matters
This is an informational speech by ECB Governor on monetary policy decisions and economic outlook. Primary focus is on interest rate increase (0.25%) in response to inflation pressures from Middle East conflict energy shocks.
In his latest blog, Governor Gabriel Makhlouf explains the ECB Governing Council decision to raise interest rates by 0.25 per cent. This first change since June 2025 brings the Deposit Facility Rate to 2.25 per cent. He supported the decision and, along with his colleagues on the Governing Council, is committed to…
Why this matters
This is an informational speech by ECB official Gabriel Makhlouf explaining the rationale behind a 0.25% interest rate increase and providing context on inflation dynamics and Irish GDP volatility.
Introduction Good morning, I am delighted to be here and many thanks to Patricia at FSI for the invitation. 1 You have a busy agenda today, discussing some of the key issues currently facing the financial sector and financial regulators. As the title of this conference suggests, we are living through a time of…
Why this matters
Deputy Governor speech outlining CBI's regulatory philosophy on international financial services, gatekeeping processes, and simplification agenda. Addresses authorisation standards, subsidiary governance expectations, and supervisory approach across banking, asset management, and payments sectors.
My thanks to the Tánaiste and his Department for the invitation to be here today. I am delighted to take part in this National Financial Literacy Strategy Stakeholder Forum. It is an important event as part of a necessary collaborative approach across public and private stakeholders in delivering Ireland’s National…
Why this matters
Deputy Governor speech on financial literacy strategy emphasizing consumer protection framework, modernized Consumer Protection Code requirements, and firm obligations around clear communication, digital service design, fraud prevention, and consumer awareness.
Deputy Governor McMunn's speech to IOB Funds and Asset Management Forum on 8 June 2026.
Why this matters
Deputy Governor McMunn's speech addresses the Irish funds sector's evolution amid geopolitical and technological change. Key focus areas include resilience frameworks (liquidity management, governance stress-testing), AI and tokenisation adoption with proper governance, and regulatory adaptation.
Good morning and welcome to the launch of our first Financial Stability Review of 2026 . During 2026, risks facing the domestic financial system from the global environment have intensified. In 2025, the origin of external risks related primarily to swings in global trade policy. This year, the origin relates to the…
Why this matters
Governor's speech on Financial Stability Review highlighting elevated external risks (geopolitical tensions, energy shocks, AI valuations, private credit concerns) and domestic resilience measures.
1 We are at the early stages of a potential technological rewiring of finance. Fast-forward ten or twenty years, and it seems likely that the use of shared, programmable ledgers – and the tokenisation of financial assets – will have become embedded across the financial system. Today, we stand at a juncture. The…
AI Analysis
The Deputy Governor’s speech sets out the Central Bank of Ireland’s (CBI) emerging regulatory stance on tokenised finance and distributed ledger technology (DLT), framing it as a structural transition rather than a niche innovation. While it does not introduce new binding rules, it clearly signals supervisory expectations, impending policy development (including follow‑up to the March 2026 Discussion Paper on tokenisation and DLT), and the need for regulated firms to integrate tokenisation risks, governance and operational resilience into existing regulatory frameworks.
Key dates
05 March 2026
- CBI publishes its Discussion Paper on tokenisation and distributed ledger technology in financial services, initiating a structured consultation on tokenised markets, funds, money and payments
26 May 2026
- Deputy Governor speech sets out the CBI’s strategic approach to tokenised finance, confirming that consultation feedback will inform subsequent policy, supervisory expectations and potential rule changes
05 June 2026
- Closing date for submissions to the CBI Discussion Paper on tokenisation and DLT, after which CBI will prepare a feedback statement and refine its policy stance
TBD (post‑June 2026)
- CBI feedback statement on the tokenisation Discussion Paper expected, likely followed by more granular guidance and potential adjustments to supervisory and authorisation processes for tokenised activities
Suggested considerations
Map all current and planned tokenisation and DLT initiatives (including pilots and proofs of concept) across the group and identify which EU and Irish regulatory regimes they fall under (MiFID II, UCITS, AIFMD, CRR/CRD, PSD2/PSR, Solvency II, MiCA, DORA, etc.).
Perform a regulatory gap analysis to confirm that tokenised products and services are fully captured within existing licensing permissions and assess whether any variation of permission, new authorisation, or recognition as a market infrastructure is required.
Review and update governance arrangements so that boards and senior management explicitly oversee tokenisation strategies, risk appetite, and the use of DLT, including ensuring clear allocation of responsibilities under the firm’s senior manager or fitness and probity framework.
Integrate tokenisation‑specific risks into the firm’s risk management framework, covering legal enforceability of tokens, smart‑contract risk, cyber and operational resilience, data integrity, interoperability, concentration risk in technology providers, and settlement and counterparty risk.
Review outsourcing and third‑party risk management frameworks to ensure that DLT platform providers, smart‑contract developers, node operators and custodians are treated as critical or important outsourced service providers where appropriate, with robust contractual, oversight and exit provisions.
What changed
- The CBI formally recognises tokenisation and shared, programmable ledgers as a likely core infrastructure of the future financial system and signals that regulation will evolve to treat tokenised...
The speech confirms that CBI’s regulatory approach will be “technology‑neutral but not technology‑blind”, indicating that existing EU and Irish rules (e.g.
The CBI emphasises the need to keep central bank money at the core of tokenised finance, aligning its stance with Eurosystem work on wholesale and retail central bank digital currency (CBDC) and...
The speech reinforces that tokenised instruments representing traditional financial assets (securities, deposits, fund units) will generally be treated as regulated financial instruments, triggering...
The CBI highlights operational resilience, cyber risk, interoperability and smart‑contract governance as critical supervisory focus areas for tokenised finance infrastructure and platforms.
Compliance impact
Non‑compliance will not immediately trigger new standalone tokenisation fines, but CBI is likely to use existing conduct, prudential, governance and operational resilience powers to challenge poorly controlled tokenised activities and may restrict or prohibit projects that do not meet its expectations. Firms that treat tokenised finance as “outside the regulatory perimeter” or fail to integrate it into existing compliance frameworks risk supervisory intervention, authorisation issues, enforcement action and reputational damage.
Good afternoon and thank you for the opportunity to speak to you today. It is great to see the energy and commitment to the credit union movement evident here today and reflected in your agenda for today’s conference. 1 Today’s event is especially timely, coming not long since Minister Troy’s announcement in April of…
Why this matters
Deputy Governor speech announcing modernised Consumer Protection Code application to credit unions, digital transformation requirements, and financial literacy initiatives. Informational in nature with forward-looking regulatory guidance on implementation timelines and support mechanisms.
Governor of Central Bank of Ireland Gabriel Makhlouf today (Tuesday 19 th May) spoke at the AFME Annual European Financial Integration conference , where he called for a more ambitious approach to Europe’s Single Market, arguing that greater integration in goods, services and capital is essential to enhance European…
Why this matters
Speech by CBI Governor on European Single Market integration and capital markets development. Addresses regulatory architecture completion, supervisory convergence, and national implementation frameworks. Informational content setting policy direction rather than announcing binding regulatory changes.
Thank you for the invitation to speak this afternoon. I want to talk about the Single Market, which is one of Europe's greatest political and economic achievements. Over more than three decades, it has been an engine of European growth and resilience, delivering scale, opportunity, and tangible benefits for citizens…
Why this matters
Informational speech by CBI Governor on European Single Market integration, capital markets fragmentation, and regulatory harmonization. Addresses structural barriers to cross-border financial services, safe asset creation, and supervisory convergence.
Introduction Good morning – I am delighted to be here, and many thanks to Brian and the BPFI for hosting us. 1 I very much look forward to the discussion, and to hearing from you all today, but before I do I would like to set out some reflections on a number of topics which are currently high on the regulatory agenda…
Central Bank loan-level research shows the Irish lending market is significantly less concentrated when considering the full diversity of lenders. Robust capital and liquidity positions have served the sector well – with the evidence not supporting a lowering of overall levels of resilience on the basis of bank…
I was in Washington for the Spring Meetings of the International Monetary Fund (IMF) two weeks ago and this week I was in Frankfurt at the latest meeting of the ECB Governing Council, to decide interest rates to achieve our price stability target of 2 per cent inflation over the medium term. I wanted to use this blog…
Safeguarding Financial Integrity – Central Bank of Ireland’s Approach to Financial Crime Prevention Thank you for the invitation to speak at today’s event. This is an important opportunity for us to engage and share our experiences and approaches to deal with the global challenges and issues we are facing in financial…
Good morning. Brendan, thank you for the warm introduction. It is a pleasure to join you at the ILCU Internal Audit Services Conference. I also want to thank Barry Harrington for the invitation to address you here today. 1 When I addressed the ILCU Annual Conference last April, I spoke about a time of transformative…
Good morning. I am delighted to join you here this morning – and thank you to Irish Funds for organising this event. 1 As you know, a key part of our job at the Central Bank of Ireland is to focus on ‘tail risks’. Not just what we expect will happen, but what could happen. And the range of possible outcomes that could…
Why this matters
The speech discusses regulatory oversight and resilience of the non-bank finance sector, particularly asset managers and hedge funds. It covers implementation of liquidity management tools and surveillance of vulnerabilities in the hedge fund sector, which are relevant for investment management and capital markets...
In his latest blog, Governor Gabriel Makhlouf argues that central banks must modernise their digital infrastructure and regulatory frameworks to ensure that central bank money remains the stable foundation of Europe's financial system whilst enabling private sector innovation in a digitally transformed ecosystem.
Why this matters
This regulatory update discusses the transformation of Europe's financial system driven by technological innovation, particularly in areas like distributed ledger technology and tokenization.
Good morning. Ongoing events in the Middle East are a stark reminder of the challenges policy makers face in a world increasingly characterised by geoeconomic fragmentation. For central banks tasked with preserving price stability, supply shocks pose both analytical and strategic challenges: understanding their…
Why this matters
This speech by the Governor of the Central Bank of Ireland discusses the impact of geopolitical shocks on the economy, inflation, and monetary policy in the Eurozone.
Good morning and welcome to Central Bank of Ireland. Thank you for joining us for this inaugural gathering of the Savings and Investment Forum. I want to extend a particular welcome to the Tánaiste. Today marks an important milestone. The Department of Finance's 2024 Funds Review recognised the importance of enabling…
Why this matters
This speech by the Governor of the Central Bank of Ireland covers topics related to increasing retail investor participation in capital markets, including the availability of suitable investment products, financial education and advice for retail investors, and consumer protection frameworks.
Good morning everyone. It is a pleasure to join you today at the Abbey Theatre. We are here, of course, to launch a commemorative coin to honour Seán O’Casey, one of Ireland’s most important literary figures, and one whose voice continues to resonate profoundly, both in Ireland and internationally. I am delighted to…
Why this matters
I appreciate your request, but I need to clarify an important issue with the materials provided. The document you've referenced—"Remarks by Governor Makhlouf at the launch of the commemorative coin honouring Seán O'Casey"—is **not a regulatory publication, enforcement action, or compliance-related document**.
Governor Gabriel Makhlouf of the Central Bank of Ireland today emphasised the critical need to strengthen Europe’s Single Market as the foundation for mobilising the continent’s substantial savings in an increasingly fragmented global environment.
Why this matters
This regulatory update from the Central Bank of Ireland Governor discusses the need to strengthen the European Single Market and mobilize Europe's substantial household savings.
In his remarks, Governor Gabriel Makhlouf emphasised that Europe must mobilise its substantial savings by strengthening economic growth, completing the Single Market, and building more integrated capital markets, as capital currently flows abroad due to perceived higher returns elsewhere. He argued that central banks…
Why this matters
This speech by the Governor of the Central Bank of Ireland discusses the need to mobilize Europe's savings to support investment and economic growth. It covers topics related to capital markets, financial stability, and the role of central banks and regulators in creating the conditions for productive investment.
Good afternoon and welcome to this Central Bank of Ireland workshop on the Consumer Protection Code. Today I will focus on the outlook for consumers and investors. But first let me pause to talk a little about the broader context in which we find ourselves. We are living through a period marked by extraordinary…
AI Analysis
Deputy Governor Colm Kincaid's speech on 24 March 2026 emphasizes consumer protection as central to the Central Bank of Ireland's (CBI) mission amid geopolitical, technological, and economic changes, highlighting the revised **Consumer Protection Code 2025** (CPC 2025) as a key modernization effort. This matters for compliance professionals because the CPC 2025 introduces enhanced, digitally-focused protections effective **24 March 2026**, replacing the 2012 Code after a 12-month implementation period, with firms required to proactively secure customer interests.
Key dates
24 March 2025
- CBI publishes revised CPC 2025, Standards for Business Regulations, Consumer Protection Regulations, and guidance
Gap analysis: Map current policies/processes against CPC 2025 using CBI's mapping tool; update for new obligations like digital service design, vulnerability screening, fraud measures.
Testing/monitoring: Develop records/compliance systems; test advertising/bundling; integrate sustainability claims checks.
Stakeholder engagement: Review CBI guidance/FAQs; prepare for supervision during implementation.
What changed
The CPC 2025 comprises Standards for Business Regulations (governance, resources, risk management, conduct standards) and Consumer Protection Regulations (cross-sectoral and sector-specific rules for...
Core obligation: Firms must "secure customers’ interests," shifting to a proactive, customer-focused mindset.
Cross-sectoral requirements: Knowing the consumer/suitability; conflicts of interest/remuneration; vulnerable consumers (updated definition); digitalisation (customer-focused design); effective...
Specific enhancements: Fraud/scam protections; mortgage switching disclosures; greenwashing prevention via clear sustainability claims; expanded consumer definition (e.g., SMEs up to €5m turnover...
Supporting materials: Guidance on securing interests/vulnerable consumers, mapping tool for legacy codes, redline amendments.
Compliance impact
Urgency: High – With effectiveness today (24 March 2026), firms face immediate non-compliance risk as the 12-month window closes; CBI supervision will intensify on digital/fraud/vulnerability protections amid heightened risks (e.g., cyber, scams). Non-adherence risks enforcement under CBI's powers, reputational damage, and fines, especially as this "gold-plates" EU rules in a volatile environment.
In his latest blog Governor Gabriel Makhlouf explains that the Governing Council held rates steady at 2 per cent due to new geopolitical uncertainty from Middle East tensions, which risk pushing energy prices and headline inflation above the 2 per cent target whilst dampening growth. The Bank will monitor inflation…
Why this matters
This regulatory update discusses the impact of the Middle East conflict on inflation, growth, and monetary policy in Europe, which is highly relevant for banks, asset managers, and wealth managers in terms of prudential requirements, operational resilience, and ESG considerations.
Role of Non-Bank Entities in the Irish Housing Market regarding residential mortgages Go raibh maith agat a Chathaoirligh agus gabhaim buíochas leis an gcoiste as ucht an cuireadh a bheith anseo inniú. I am joined by my colleagues Domhnall Cullinan, Director of Banking and Payments, and Aisling Menton, Head of Retail…
Why this matters
This regulatory update from the Central Bank of Ireland discusses the role of non-bank entities in the Irish mortgage market, including their lending and servicing activities. It covers consumer protection measures, affordability requirements, and support for borrowers in arrears.
Introduction Good morning. I am delighted to welcome you to Central Bank of Ireland today as part of our continued engagement with the crypto sector. This time last year we hosted an industry briefing focused on the path to success in the authorisation of Crypto-Asset Service Providers (CASPs). It has been a very…
Why this matters
This regulatory update from the Central Bank of Ireland provides information and guidance for crypto-asset service providers (CASPs) on the authorization and supervision process under the new Markets in Crypto-Assets Regulation (MiCAR).
Good morning everyone, I am delighted to be here for what looks set to be an interesting conference on a topic which is both very close to my heart and central to what we do at Central Bank of Ireland (“the Central Bank”) – as we work to deliver on our mission, and in particular ensuring the financial system is…
AI Analysis
This speech by Deputy Governor Mary Elizabeth McMunn outlines the Central Bank of Ireland's (CBI) shift toward **outcomes-focused regulation and supervision**, emphasizing five key priorities from the 2026 Regulatory and Supervisory Outlook (RSO) to address geopolitical risks, consumer protection, technology, and resilience in a volatile environment. It matters for compliance professionals as it signals intensified CBI scrutiny on firm behaviors and outcomes rather than mere rule compliance, with direct implications for supervisory engagements, thematic reviews, and enforcement across banking, funds, insurance, and payments sectors.
Key dates
24 March 2026 Deadline
- Revised Consumer Protection Code (CPC) takes effect (12-month lead-in complete; firms must be compliant)
H1–H2 2026
- DORA implementation including threat-led penetration testing (survey issued H1)
H1–H2 2026
- Enhanced AML/CFT Risk Evaluation Questionnaire
H1 2026–H2 2027
- Thematic inspection of transaction monitoring and STR reporting
H1–H2 2026
- UCITS Value at Risk (VaR) model review and depositary oversight
Suggested considerations
Conduct gap analyses for revised CPC compliance, focusing on thresholds, customer experience, and fraud support (immediate if in-scope).
Technology transformations (AI, digital money, tokenisation). These build on prior developments like the revised Consumer Protection Code (CPC), DORA implementation, and enhanced AML/CFT frameworks,...
Compliance impact
Urgency: High – The speech, delivered today (9 March 2026), underscores imminent RSO 2026 execution with CPC effective in 2 weeks (24 March 2026) and H1 2026 activities (e.g., DORA testing, AML questionnaires) starting soon. Non-compliance risks intensified supervision, thematic inspections, enforcement, and reputational damage in a high-geopolitical-risk environment; outcomes-focus demands proactive evidence of resilience and consumer safeguards over procedural box-ticking.
New OECD report highlights financial scams as top threat to consumers globally Deputy Governor of the Central Bank of Ireland Colm Kincaid welcomed the publication of the OECD’s Consumer Finance Risk Monitor 2026 , a comprehensive global assessment examining consumer protection challenges across 60 international…
Why this matters
This regulatory update from the Central Bank of Ireland highlights the growing threat of financial scams and fraud targeting consumers globally, which is a critical issue for banks, fintechs, and payment providers to address through enhanced fraud prevention and consumer protection measures.
In his latest blog, the Governor Gabriel Makhlouf reflects on the publication of the Regulatory and Supervisory Outlook 2026 and the recent Access to Cash report.
Why this matters
This regulatory update discusses the Central Bank of Ireland's focus on building economic resilience, safeguarding access to cash, and maintaining central bank independence. It is an informational piece covering the bank's priorities and activities, rather than an urgent regulatory change.
Gabriel Makhlouf, Governor of the Central Bank of Ireland, today delivered a keynote address at the Blavatnik School of Government, outlining the critical role of central bank independence in delivering price stability and supporting economic prosperity for society. Speaking on “Institutions, Anchors, and Their…
Why this matters
This speech by the Governor of the Central Bank of Ireland discusses the importance of central bank independence as an anchor for stability, rather than a shield.
It is a pleasure to be here in Oxford 1 While I’m aware that this is a school of government and I’m a central banker, the two are inextricably linked. Societies and indeed economies are shaped by their institutions, specifically the legal, social, cultural, formal and informal norms that impact the way citizens…
AI Analysis
Governor Gabriel Makhlouf's speech at the Blavatnik School of Government addresses central bank independence as a foundational institutional mechanism for delivering price stability and economic prosperity, rather than as a shield from accountability. The speech is not a regulatory enforcement action or new requirement, but rather a governance statement clarifying the Central Bank of Ireland's institutional philosophy on independence, credibility, and accountability—matters that directly affect how the CBI exercises supervisory discretion over regulated firms.
Key dates
Second half 2026
- Ireland assumes EU Council Presidency; CBI will support government during this period
10 February 2026
- CBI published its 2026 Regulatory and Supervisory Priorities, which establish the operational framework within which this governance philosophy applies
18 February 2026
- This speech delivered, reinforcing institutional independence principles
Suggested considerations
*Understand CBI decision-making philosophy: Recognize that CBI supervisory decisions are grounded in long-term economic stability objectives, not short-term political cycles.
*Align governance with credibility principles: The speech identifies four credibility pillars—competence, engagement, coherence, and public trust. Regulated firms should ensure their governance frameworks reflect these principles in their own operations.
*Monitor 2026 supervisory priorities: The speech references CBI's published 2026 Regulatory and Supervisory Priorities, which include maintaining resilience to geopolitical risks, securing consumer and investor interests, and delivering new responsibilities under Access to Cash legislation.
What changed
This is not a regulatory change document but a governance clarification with compliance implications:
Reframing of independence: Central bank independence is characterized as an "anchor" enabling long-term decision-making rather than isolation from society.
Credibility framework: Credibility depends on competence, engagement, coherence, and public trust—not institutional distance alone.
Accountability emphasis: Independence requires continuous dialogue with society and other economic governance institutions; it "does not mean isolation."
Historical validation: The speech references the 1960s-1970s macroeconomic instability under political pressure versus post-pandemic effectiveness of credible central banks in controlling inflation.
Central Bank of Ireland Deputy Governor Vasileios Madouros spoke at Technological University Dublin on the need to increase domestic investment over the next decade to support Ireland’s long-term economic success. Looking back, Deputy Governor Madouros discussed how, despite very strong economic growth, investment in…
Why this matters
This speech from the Central Bank of Ireland Deputy Governor discusses the need for increased domestic investment in Ireland to support long-term economic success.
Over the course of the next decade, we will need to allocate more of our collective resources towards domestic investment. 1 In part, that is because of where we are coming from. Despite very strong economic growth in recent years, investment in key domestic sectors has been lacklustre. But it is also because of where…
Why this matters
This speech discusses the need for increased investment in Ireland, particularly in public infrastructure, housing, and domestic businesses. It outlines policy considerations around enabling sustainable investment, including fiscal policy, efficiency of investment delivery, fostering business dynamism, and ensuring...
I would like to welcome you all to the Central Bank of Ireland today 1 . We are delighted to host this gathering of EU Heads of Missions, representatives of our friends and partners from across the EU. A little over a year ago I had the pleasure to meet with you all. I spoke then of a geopolitical landscape facing…
AI Analysis
This speech by Central Bank of Ireland (CBI) Governor Gabriel Makhlouf outlines priorities for building economic and financial resilience amid geopolitical risks, climate change, technological shifts, and geoeconomic fragmentation, emphasizing domestic policy focus areas like infrastructure, indigenous business growth, and fiscal buffers. It matters for compliance professionals as it previews CBI's forthcoming 2026 regulatory and supervisory priorities, signaling heightened scrutiny on operational and financial resilience, consumer protection, and alignment with a transforming regulatory framework. https://www.centralbank.ie/news/article/speech-governor-makhlouf-head-eu-missions-10-February-2026
Key dates
2025
2026; - Ongoing implementation of banking/payments supervisory activities and multi-year roadmap (supervision, regulation, gatekeeping, reporting). https://www.matheson.com/insights/fig-top-5-at-5-06-03-2025/ https://www.centralbank.ie/news/article/press-release-central-bank-of-ireland-publishes-roadmap-to-deliver-a-more-effective-and-efficient-regulatory-framework-10-december-2025
Next few weeks from 11 February 2026
- Publication of CBI's full 2026 Regulatory and Supervisory Priorities. https://www.centralbank.ie/news/article/speech-governor-makhlouf-head-eu-missions-10-February-2026
H1 2026
- Consultation on new Regulatory Impact Assessment (RIA) Framework. https://maples.com/regulatory-round-up/central-bank-of-ireland-update-and-supervisory-approach-for-2026-fund-service-providers https://www.centralbank.ie/docs/default-source/regulation/transforming-regulation-and-supervision/regulating-supervising-well-a-more-effective-and-efficient-framework.pdf
Shortly (2026)
- Launch of comprehensive Fund Service Provider (FSP) Framework review. https://www.centralbank.ie/docs/default-source/regulation/transforming-regulation-and-supervision/regulating-supervising-well-a-more-effective-and-efficient-framework.pdf
Suggested considerations
Review and prepare for priorities: Monitor for 2026 priorities release (imminent); assess firm alignment with resilience themes (geopolitical/macro-financial risks, operational resilience, consumer protection).
Enhance resilience planning: Strengthen operational/financial resilience frameworks, including stress testing for geopolitical shocks, infrastructure dependencies, and climate risks; update outsourcing/governance per cross-sectoral guidance.
Engage on consultations: Participate in H1 2026 RIA Framework consultation and upcoming FSP review; review internal reporting/data processes for proportionality.
Sector-specific: Funds/asset managers—prepare for AIF/UCITS updates and FSP review; banks/insurers—align with CRD V/Solvency II compatibility reviews; all firms—ensure business models address narrow economic vulnerabilities.
What changed
This is a forward-looking speech, not announcing immediate regulatory changes, but it references CBI's ongoing transformation agenda, including:
Four overarching supervisory priorities for 2026: (1) Maintaining/building resilience to geopolitical/macro-financial risks (operational and financial resilience); (2) Securing consumer/investor...
Upcoming publication of full 2026 Regulatory and Supervisory Priorities "in the next few weeks." https://www.centralbank.ie/news/article/speech-governor-makhlouf-head-eu-missions-10-February-2026
Broader roadmap initiatives: Integrated risk-based supervision; rulebook updates (e.g., AIF/UCITS, Fund Service Provider framework review post-AIFMD II, insurance compatibility with Solvency II,...
Compliance impact
Urgency: Medium—This speech signals strategic direction rather than enforceable rules, but imminent priorities publication and 2026 consultations demand proactive preparation to avoid intensified supervision/enforcement. It matters because CBI emphasizes resilience in a high-risk environment (geopolitics, AI, climate), with non-compliance risking closer scrutiny under new integrated approach; firms ignoring this could face heightened operational reviews amid efficiency drive without standards reduction. https://www.centralbank.ie/regulation/transforming-regulation-and-supervision
The Central Bank of Ireland has set out its regulatory and supervisory priorities for 2026 and provided detailed advice to Government on building economic resilience in the face of unprecedented uncertainty. In his letter to the Tánaiste and Minister for Finance Simon Harris, Governor Gabriel Makhlouf set out his…
Why this matters
This regulatory update from the Central Bank of Ireland focuses on building economic resilience and outlines key priorities for the financial sector, including maintaining resilience to geopolitical risks, securing consumer interests, responding to technological changes, and addressing environmental transitions.
In his latest blog, Governor Gabriel Makhlouf explains why the Governing Council kept its main policy interest rate (the deposit facility rate) unchanged at 2% for the fifth consecutive time since June 2025.
Why this matters
This regulatory update from the CBI discusses the Governing Council's decision to hold interest rates at 2% and the factors influencing inflation and economic growth in the euro area.
In his latest blog, Governor Gabriel Makhlouf argues that economists must adapt their analytical frameworks and expand their focus beyond traditional topics to address emerging challenges—such as geopolitical upheaval and defence spending—in order to provide robust evidence-based policy advice that serves the public…
Introduction Good morning and thank you to Michael for inviting me to speak at the Compliance Institute’s Annual General Meeting. It is always a real pleasure to engage with compliance professionals. At the Central Bank, we recognise the essential role played by the compliance community in ensuring that financial…
AI Analysis
This speech by Gerry Cross, Director of Capital Markets and Funds at the Central Bank of Ireland (CBI), outlines key supervisory priorities including securing customers' interests via the revised Consumer Protection Code, Individual Accountability Framework (IAF) implementation, regulatory simplification, resilience, technology leverage, and an evolving outcomes-focused supervision approach. It matters because it signals CBI's expectations for compliance professionals to drive these outcomes in firms, emphasizing proportionality and ongoing engagement amid regulatory evolution. Compliance teams must integrate these themes to align with CBI's shift toward less process-driven, more effective oversight.
Key dates
24 March 2026 Deadline
- Revised Consumer Protection Code comes into force; firms must ensure full readiness and ongoing embedding of provisions, including new Standards for Business
Suggested considerations
Implement Revised Consumer Protection Code: Complete readiness by 24 March 2026; apply new Standards for Business in operations, leveraging CBI workshops for guidance.
Embed IAF: Maintain enhanced responsibility mapping, support decision-making, and engage with CBI on implementation feedback to mature governance.
Adopt Outcomes-Focused Practices: Shift from process-driven to outcomes-based compliance (e.g., customer interests, resilience); review internal frameworks for simplification opportunities.
Engage with CBI: Participate in ongoing consultations, workshops, and stakeholder feedback on supervision evolution, IAF, and Consumer Protection Code.
Leverage Technology: Integrate tech for resilience and compliance efficiency, aligning with CBI's supervisory priorities.
What changed
- Revised Consumer Protection Code: Introduces new Standards for Business, building on the Code reviewed with industry input; focuses on delivering good outcomes for consumers and the economy.
Individual Accountability Framework (IAF): Implemented 18 months prior (circa mid-2024); enhances clarity on responsibilities, supports governance, and aligns with outcomes-focused regulation rather...
Supervisory Approach Evolution: Shifting in 2025-2026 to risk-based, outcomes-focused, less process-driven supervision integrated across financial stability, consumer protection, safety/soundness,...
Regulatory Simplification: Openness to reviewing frameworks (e.g., fitness and probity) for simpler, outcomes-based alternatives without compromising effectiveness; supports broader simplification...
Resilience and Technology: Ongoing focus on financial resilience post-reforms, leveraging technology for supervision; no specific new rules but emphasis on embedding these in operations. No new...
Compliance impact
Urgency: Medium. This speech reinforces imminent obligations like the 24 March 2026 Consumer Protection Code effective date (less than 2 months from speech/publication), requiring immediate readiness checks, but lacks new rules or critical enforcement threats. It matters for long-term alignment with CBI's outcomes-focused supervision, reducing future supervisory risks through proactive embedding of IAF and simplification; non-engagement could signal poor governance amid evolving oversight.
Economics Winter Workshop 2025: Opening Remarks by Governor Gabriel Makhlouf
Why this matters
This speech by the CBI Governor covers topics relevant to banks, asset managers, and wealth managers, including prudential requirements, operational resilience, and ESG. As an informational speech, the urgency is low.
In this, his final blog for 2025, Governor Gabriel Makhlouf reflects on Ireland and the euro area’s economic performance and looks ahead to 2026, drawing on the Quarterly Bulletin and latest eurosystem staff projections published this week.
Why this matters
This regulatory update discusses the economic performance and outlook for Ireland and the euro area, which is relevant for banking, investment management, and wealth management firms. It covers topics related to prudential requirements, reporting, and ESG/sustainability.
Good evening. Thank you for the invitation to join you today. This evening I want to talk about economic resilience, what it is and whether we have enough of it. I spoke about economic resilience in my first speech as Governor – 6 years ago – and wrote to the Minister for Finance about it in early February this year…
Why this matters
This speech by the Governor of the Central Bank of Ireland discusses economic resilience, which is relevant to the banking, investment management, and wealth management sectors.
Good morning and welcome everyone. I am delighted to address the eighth meeting of this Forum. When the Forum was established three years ago, the goal was to bring together participants from across Ireland to build a shared approach to understanding and managing the systemic risks that climate change poses, while…
Why this matters
This speech by the Governor of the Central Bank of Ireland discusses the Forum's work on understanding and managing climate-related systemic risks, as well as supporting the transition to net zero.
In this blog, Governor Gabriel Makhlouf writes about the development of the Digital Euro and how central banks foster trust and safety in the financial system and in the implementation of projects like the Digital Euro.
Why this matters
This regulatory update discusses the development of the Digital Euro, which is relevant for banking, payments, and digital asset firms. It covers consumer protection, prudential requirements, and technological aspects, making it informational in nature.
Good morning everyone. 1 I am delighted to join you here today for this year’s Climate Finance week. “The scientific evidence that climate change is a serious and urgent issue is […] compelling.” “The benefits of strong, early action on climate change outweigh the costs.” And “the choices made in the next 10-20 years…
Why this matters
This speech discusses the macrofinancial effects of climate change in Ireland, including the progress and challenges in reducing greenhouse gas emissions, the relative costs of action versus inaction, the exposure to rising physical risks, and the management of climate-related risks by the financial sector.
At our meeting yesterday, the ECB’s Governing Council cut our three policy rates by 25 basis points (or, one quarter of a percent). The disinflation process remains on track, allowing us to reduce rates. However, with some components of inflation still too high for comfort – notably, services inflation – I continue to…
Why this matters
This regulatory update from the ECB discusses interest rate changes, inflation, and economic growth, which are relevant for banking, investment management, and wealth management firms. The topics covered include prudential requirements, consumer protection, and reporting/disclosure.
Governor of the Central Bank of Ireland Gabriel Makhlouf today (25 November) addressed the UK Society of Professional Economists annual dinner . Speaking this evening, Governor Makhlouf said: “Europe is at a pivotal moment in its economic development. The tangle of ageing populations with weak productivity growth…
Why this matters
This speech by the Governor of the Central Bank of Ireland discusses the economic challenges posed by aging populations and weak productivity growth, which are relevant to the banking, investment management, and wealth management sectors.
I’d like to thank Insurance Ireland and Milliman for inviting me here today for this Chief Risk Officer (CRO) Forum. I’d like to use this opportunity to briefly reflect on the recent turmoil we’ve seen in the banking sector, what this might mean for (re)insurers, and to highlight some of our supervisory priorities…
“Review of the Consumer Protection Code: securing customers’ interests” - Remarks by Gerry Cross, Director of Financial Regulation – Policy & Risk, Central Bank of Ireland at Insurance Ireland - KPMG Briefing Session: CBI Review of the Consumer Protection Code
Why this matters
The speech discusses the Central Bank of Ireland's review of the Consumer Protection Code, which is a key regulatory framework governing the conduct of financial firms in their dealings with consumers.
Introduction Good morning everyone. Thank you for inviting me to speak here today. Before I begin, I’d like to acknowledge the important role played by Financial Services Ireland in advocating for its members, and in promoting the Irish financial services sector, both here and abroad. Whilst the respective missions we…
Differential Pricing and Business Interruption Insurance demonstrate Central Bank’s focus on conduct, culture and customer treatment Over €130 million paid in business interruption insurance claims to date Insurance sector needs to be prepared for the challenges ahead including digitisation and climate change Speaking…
Why this matters
This regulatory update from the Central Bank of Ireland focuses on the insurance sector, with a emphasis on conduct, culture, and customer treatment, particularly around business interruption insurance and differential pricing. It also discusses the sector's future challenges including digitization and climate change.
Remarks by Director General, Financial Conduct Derville Rowland at the Deloitte Global Insurance Webinar Good morning everybody and thank you to Deloitte for the invitation to speak at this webinar. Some people think of insurance as a relatively modern financial concept. But of course, as the insurance experts in this…
Why this matters
I cannot provide the detailed compliance analysis you've requested because the specific regulatory publication you referenced—"Remarks by Director General, Financial Conduct Derville Rowland at the Deloitte Global Insurance Webinar" (29 September 2021)—is not included in the search results provided. The search...
Introduction Good morning, and thank you for attending our Insurance Industry Event, the second of these which we’ve held virtually. Hopefully, as the vaccine rollout continues and restrictions are eased, there won’t have to be a third! The COVID 19 crisis has brought about a significant amount of change to all of our…
Speech delivered at Institute of Directors’ Briefing Webinar on 10 June 2021 Good morning everyone, I am delighted to speak to you on the importance of effective culture in firms, the contribution fitness and probity can make, and how we see the forthcoming Individual Accountability Framework further reinforcing…
AI Analysis
This 2021 speech by Derville Rowland, Director General of Financial Conduct at the Central Bank of Ireland (CBI), emphasizes the critical role of the Fitness & Probity (F&P) regime and the forthcoming Individual Accountability Framework (IAF) in fostering effective culture, governance, and individual responsibility in regulated firms. It matters because it signals CBI's supervisory priorities on senior role holders' competence, integrity, and accountability, which have since evolved into concrete regulatory updates, directly impacting board and compliance functions to mitigate conduct risks and ensure consumer protection. https://www.centralbank.ie/news/article/speech-importance-of-fitness-probity-and-ensuring-responsibility-derville-rowland-10-june-2021
Key dates
22 September 2021
- CBI notice of intention to amend PCFs under F&P regime (e.g., new Designated Persons roles)
20 November 2025
- Effective date for revised Guidance on Fitness and Probity Standards
24 November 2025
- CBI publishes Feedback Statement on CP160, Fitness and Probity Standards 2025, and revised Guidance
Post
amendment (TBD, after regulations effective); - 6-week window for in-situ PCF assessments and confirmations to CBI
Suggested considerations
Conduct thorough F&P due diligence on PCF/CF holders pre-appointment and ongoing (best-efforts for references, criminal/financial checks via public records; assess time commitments case-by-case).
Certify annually that PCF/CF individuals meet standards; no dual certification needed if PCF covers CF-1/2.
Review and update succession planning, handover policies, and conduct breach procedures in light of new PCFs and IAF/SEAR (Statements of Effectiveness and Accountability of Responsibilities).
Assess residency and capacity for non-resident PCF holders case-by-case, considering firm complexity.
Embed F&P into culture and governance frameworks, aligning with IAF Conduct Standards once enacted.[Speech]
What changed
The speech itself outlines no new statutory changes but highlights the F&P regime's role in ensuring "fit and proper" individuals in key roles and previews the IAF as a complementary framework to...
Consolidation of F&P Standards into the Fitness and Probity Standards 2025, applicable across all sectors, read alongside revised Guidance on the Fitness and Probity Standards (effective 20 November...
Amendments to Pre-Approval Controlled Functions (PCFs), adding roles like Designated Person for Investment Management (PCF-39D), Distribution (PCF-39E), and Regulatory Compliance (PCF-39F),...
Clarifications on due diligence (best-efforts basis for references, criminal checks, financial soundness via public records only—no bank statements required), time commitments (case-by-case), and...
Proportionality for fitness assessments but not probity; ongoing certification obligations for Controlled Functions (CFs) and PCFs. These build on the speech's vision, addressing Enria Report...
Compliance impact
Urgency: High – While the 2021 speech is foundational, 2025 Standards and Guidance are now effective, mandating immediate due diligence enhancements and certifications amid IAF rollout. Non-compliance risks CBI investigations, prohibitions, or sanctions, especially with expanded PCFs tying into broader accountability (e.g., SEAR). This elevates board exposure, demanding proactive governance reviews to align culture with consumer protection mandates.
Opening remarks at the 2020 Insurance Industry Briefing Good morning everyone. I would like to thank you for attending today’s industry briefing. In my remarks this morning, I will take this opportunity to touch on: the role that insurance can play in society; some of the reasons why the industry in Ireland is…
Good afternoon Chairman, Committee members, I am joined by Ed Sibley, Deputy Governor, Prudential Regulation and Derville Rowland, Director General, Financial Conduct. We welcome the opportunity to appear before you today. The effects of the COVID-19 pandemic have been deep and distressing for our community. The…
Why this matters
I cannot provide the analysis you've requested because the document you've referenced is not available in the search results provided. The URL you cited (https://www.centralbank.ie/news/article/speech-introductory-statement-governor-makhlouf-21-oct-20) is from October 21, 2020—a historical speech addressing COVID-19...
I am joined today by Gráinne McEvoy, Director of Consumer Protection, and Domhnall Cullinan, Director of Insurance Supervision. Thank you for this opportunity to speak to you today about the Central Bank’s work in regulating and supervising the Irish insurance industry and specifically the practices of differential…
Five Crises Ábhar mór bróid dom an léacht seo a thabhairt in onóir an Dochtúra T.K. Whitaker. Agus mar bharr ar sin, é bheith i láthair anocht. It is a great honour to be asked to deliver this lecture in honour of Dr. Ken Whitaker, all the more so in his presence. Go maire sé an céad! Or even better, as the Yiddish…
AI Analysis
This 2011 Whitaker Lecture by Professor Cormac O'Grada, hosted by the Central Bank of Ireland (CBI), is an academic speech analyzing five historical economic crises in Ireland, including the Economic War, WWII Emergency, 1950s downturn, and others, to contextualize the post-2008 financial crisis. It lacks any regulatory changes, enforcement actions, or compliance mandates, serving instead as reflective economic history rather than a binding publication. Compliance professionals need not action it directly, but it offers historical perspective on crisis resilience relevant to risk management and governance discussions.
What changed
There are no regulatory changes, new requirements, or enforcement directives in this publication. The content is purely historical and analytical, discussing past Irish economic crises (e.g., net emigration peaks during 1934-38 Economic War and 1943 WWII Emergency) without proposing or announcing policy shifts.[User Provided Content]
Compliance impact
Urgency: Low – This is a non-regulatory academic lecture with no immediate or ongoing compliance implications. It matters peripherally for firms emphasizing long-term economic history in prudential risk frameworks or governance training, but misclassification as "enforcement" (per query) overstates its relevance in 2026.