The Central Bank of Ireland

Author:Ms Breeda Cunningham, Paula Kelleher and Andrew Lawless
Profession:Dillon Eustace

(i) Change of Name

Following the commencement of the Central Bank Reform Act 2010, the Irish Financial Services Regulatory Authority has been renamed the "Central Bank of Ireland" with effect from 1 October, 2010.

The Central Bank has confirmed that it does not require approved documents or contracts to be updated immediately in order to reflect this change in name. Such updates can be implemented when documents next come up for review.

(ii) Annual Report and Strategic Plan

On 16 July, 2010, the Central Bank published its 2009 Annual Report and Strategic Plan for 2010 to 2012.

The major new measures and initiatives featured in the Strategic Plan include:

A refocused approach to strengthening the financial system including a new approach to financial stability assessment; The development of a new regulatory model with an enhanced supervisory capacity for the detection and correction of problems with an active and challenging approach; Interacting with new EU supervisory bodies, such as the European Systemic Risk Board and the European System of Financial Supervisors; Building on consumer protection including a review of the Consumer Protection Code; Greater attention in our economic research on the functioning of the financial system and fuller collaboration with the universities, ESRI and the wider public service; and Moving towards a 100% charge back arrangement on the costs to industry to reduce the cost to the taxpayer. (iii) New Chairperson of Takeover Panel

On the 19 October, Mr Denis McDonald, S.C. was announced, as the Chairperson of the Irish Takeover Panel for a three year period.

The Irish Takeover Panel is the statutory body responsible for monitoring and supervising takeovers and other relevant transactions in relevant companies in Ireland.

Mr McDonald was called to the Bar in July 1986 and called to the Inner Bar in October 2000. He practices primarily in commercial law.

(iv) Consultation Paper 45 – amendments to the Minimum Competency Requirements ("CP45")

During the second quarter, the Central Bank published CP45 regarding the Minimum Competency Requirements and sought industry views on the proposals by the 13 August, 2010. The Central Bank was expected to publish their findings in the final quarter of this year but it is more likely to be in the New Year. In summary, CP45 proposes the following:

changing the 3 year CPD cycle to an annual 15 formal hour requirement; phasing out 'grandfathering arrangements' over a 4...

To continue reading