Ireland: Report on Observance of Standards and codes (ROSC)
IMF Staff Country Reports, May 13, 2015
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- Ireland: Report on Observance of Standards and codes (ROSC)
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Bibliographic details
- Published: May 13, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475554519.002
Overview
- The paper discusses findings and recommendations of the Report on Observance of Standards and codes for Ireland.
- The Central Bank of Ireland (CBI) is the integrated financial supervisor in Ireland and, as the primary regulator of the Irish financial system, has overall responsibility for the supervision of insurers and insurance intermediaries authorized in Ireland.
- The assessment highlights governance and supervisory challenges facing the CBI and advises targeted reviews of supervisory frameworks.
Major findings
- The Central Bank of Ireland (CBI) is the integrated financial supervisor in Ireland.
- CBI has overall responsibility for the supervision of insurers and insurance intermediaries authorized in Ireland.
- The authorities need to address the significant challenges faced by CBI in attracting and retaining supervisors.
- The authorities need to enhance the CBI’s independence.
- CBI is advised to review the supervisory risk appetite underpinning Probability Risk Impact Supervisory System, including potential reputational risks.
Policy recommendations
- Address human resources challenges to improve CBI’s ability to attract and retain supervisors.
- Enhance the institutional independence of the CBI to strengthen its supervisory role.
- Review and, if necessary, recalibrate the supervisory risk appetite that underpins the Probability Risk Impact Supervisory System.
- Specifically incorporate potential reputational risks into the supervisory risk-appetite framework and related supervisory processes.
Implementation considerations
- Reform efforts should prioritize measures that directly affect supervisor recruitment, retention, and career development to mitigate supervisory capacity shortfalls.
- Strengthening legal, operational, and budgetary elements of CBI’s independence can support more effective and resilient supervision.
- A focused review of the Probability Risk Impact Supervisory System should evaluate how reputational risks are identified, quantified, and acted upon within supervisory planning and decision-making.
International Monetary Fund. "Ireland: Report on Observance of Standards and codes (ROSC)", IMF Staff Country Reports 2015, Issue 117, May 13, 2015.
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- Ireland: Report on Observance of Standards and Codes