{
  "title": "Ireland: Report on Observance of Standards and Codes (ROSC)",
  "publication": "IMF Staff Country Reports, May 27, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/ireland-report-on-observance-of-standards-and-codes-rosc-41582",
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  "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.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- The Central Bank of Ireland has made \"significant progress in implementing a proactive and intensive approach to supervision.\"\n- The Probability Risk and Impact System is described as \"the backbone of the new risk-based supervisory approach\" and is \"intellectually appealing.\"\n- Significant progress in reform implementation \"was evident to the mission and recognized by market participants.\"\n- The reform process is \"relatively young\" and \"effective implementation is still a work in progress that demands additional skills and resources.\"\n- 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.\"\n- 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.\""
    },
    {
      "heading": "Major findings",
      "content": "- Implementation progress:\n  - \"Significant progress\" in implementing a proactive and intensive approach to supervision.\n  - Recognition of progress by market participants and the mission.\n- Risk-based supervision framework:\n  - The Probability Risk and Impact System identified as the backbone of the new approach and \"intellectually appealing.\"\n- Capacity and resourcing:\n  - Effective implementation \"is still a work in progress that demands additional skills and resources.\"\n- Enforcement and legal powers:\n  - Emphasis that enforcement powers be used as a deterrent, including powers under the Central Bank of Ireland Act 2013.\n- Time horizon for assessment:\n  - Full effectiveness requires time for the framework to \"season\" and for staff to gain experience through its use."
    },
    {
      "heading": "Policy recommendations and implementation priorities",
      "content": "- Maintain a clear direction and focus on implementation efforts.\n- Allocate additional skills and resources to support effective implementation of the new supervisory framework.\n- Use enforcement powers as a successful deterrent, leveraging the new powers under the Central Bank of Ireland Act 2013.\n- Monitor and allow time for the new framework and staff experience to mature before gauging full effectiveness.\n\n---\n\n Content in this bundle\n\n- Ireland: Report on Observance of Standards and Codes\n  - Ireland: Report on Observance of Standards and Codes (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Ireland: Report on Observance of Standards and Codes (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/ireland-report-on-observance-of-standards-and-codes-rosc-41582/index.md)",
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    "Published: May 27, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498380461.002",
    "The Central Bank of Ireland has made \"significant progress in implementing a proactive and intensive approach to supervision.\"",
    "The Probability Risk and Impact System is described as \"the backbone of the new risk-based supervisory approach\" and is \"intellectually appealing.\"",
    "Significant progress in reform implementation \"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.\"",
    "Implementation progress:",
    "Risk-based supervision framework:",
    "Capacity and resourcing:",
    "Enforcement and legal powers:",
    "Time horizon for assessment:",
    "Maintain a clear direction and focus on implementation efforts.",
    "Allocate additional skills and resources to support effective implementation of the new supervisory framework.",
    "Use enforcement powers as a successful deterrent, leveraging the new powers under the Central Bank of Ireland Act 2013.",
    "Monitor and allow time for the new framework and staff experience to mature before gauging full effectiveness.",
    "**Ireland: Report on Observance of Standards and Codes**"
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