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

_IMF Staff Country Reports, May 27, 2014_

## Source details

**Canonical URL:** [Ireland: Report on Observance of Standards and Codes (ROSC)](https://www.imf.org/en/publications/cr/issues/2016/12/31/ireland-report-on-observance-of-standards-and-codes-rosc-41582)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/ireland-report-on-observance-of-standards-and-codes-rosc-41582/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/ireland-report-on-observance-of-standards-and-codes-rosc-41582/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/ireland-report-on-observance-of-standards-and-codes-rosc-41582/bundle-manifest.json)

## Bibliographic details
- Published: May 27, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498380461.002

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### Executive summary
- 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."

### Major findings
- Implementation progress:
  - "Significant progress" in implementing a proactive and intensive approach to supervision.
  - Recognition of progress by market participants and the mission.
- Risk-based supervision framework:
  - The Probability Risk and Impact System identified as the backbone of the new approach and "intellectually appealing."
- Capacity and resourcing:
  - Effective implementation "is still a work in progress that demands additional skills and resources."
- Enforcement and legal powers:
  - Emphasis that enforcement powers be used as a deterrent, including powers under the Central Bank of Ireland Act 2013.
- Time horizon for assessment:
  - Full effectiveness requires time for the framework to "season" and for staff to gain experience through its use.

### Policy recommendations and implementation priorities
- 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.

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## Content in this bundle

- **Ireland: Report on Observance of Standards and Codes**
  - [Ireland: Report on Observance of Standards and Codes (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14137.pdf.md){rel="alternate" type="text/markdown"}
  - [Ireland: Report on Observance of Standards and Codes (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14137.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/ireland-report-on-observance-of-standards-and-codes-rosc-41582_