Ireland: Report on Observance of Standards and Codes (ROSC)

May 27, 2014

Preview Citation

Format: Chicago

Ireland: Report on Observance of Standards and Codes (ROSC), (USA: International Monetary Fund, 2014) accessed November 21, 2024

Summary

This Report on Observance of Standards and Codes (ROSC) on Ireland highlights that the Central Bank of Ireland has made significant progress in implementing a proactive and intensive approach to supervision. The Probability Risk and Impact System, the backbone of the new risk-based supervisory approach, is intellectually appealing and significant progress was evident to the mission and recognized by market participants. The reform process is relatively young and effective implementation is still a work in progress that demands additional skills and resources. It is critical to maintain a clear direction and focus on implementation efforts, and that enforcement powers are used as a successful deterrent, including the new powers the Central Bank of Ireland was given under the Central Bank of Ireland Act 2013. The Central Bank of Ireland has set up sound foundations; however, gauging the full effectiveness of the reforms requires time for the new framework to season and for staff to gain experience through its use.

Subject: Bank supervision, Banking, Basel Core Principles, Credit risk, Financial crises, Financial regulation and supervision, Financial services

Keywords: Authority of the Central Bank, Bank supervision, Banking system, Basel Core Principles, Central Bank information gathering authority, Company law, Corporate governance, CR, Credit risk, Europe, Financial crisis, Global, Information gathering, Insider trading, Irish authorities, ISCR, Licensing authority, Parent company, Risk management

Publication Details

Pages:

39
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/137
Stock No:

1IRLEA2014003
ISBN:

9781498380461
ISSN:

1934-7685

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