Ireland: Financial Sector Assessment Program-Technical Note on Financial Safety Nets and Crisis Management
IMF Staff Country Reports, July 27, 2022
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- Ireland: Financial Sector Assessment Program-Technical Note on Financial Safety Nets and Crisis Management
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Bibliographic details
- Published: July 27, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400216114.002
Scope and focus
- Assesses the bank recovery, resolution, and crisis preparedness regime in Ireland.
- Analysis covers laws, policies, procedures, institutional capacity, and coordination arrangements for bank failure resolution and for managing financial distress and crises.
- Assessment is focused on banks under the direct remit of the Central Bank of Ireland and does not evaluate the role played by the European Central Bank and the Single Resolution Board for Ireland’s largest banks.
- Also assesses steps toward adopting a recovery and resolution regime for insurers.
Key findings
- Substantive efforts have been made to propose a resolution regime for insurers and to identify scope for improving the existing insolvency framework as it applies to insurers.
- The note highlights the need for clearer statutory protections and coordination mechanisms linked to resolution actions taken by national authorities.
Policy recommendations
- The Department of Finance should explore providing statutory protections to persons selected by the Central Bank albeit appointed by the Court for resolution purposes.
- The Central Bank and Department of Finance should seek the views of the competition authority on the extent to which resolution regime legislation overrides national competition rules.
Publication and metadata
- Publication date: July 27, 2022
- Pages: 46
- Volume: 2022
- Issue: 239
- Series: Country Report No. 2022/239
- DOI: https://doi.org/10.5089/9798400216114.002
- Stock No: 1IRLEA2022005
- ISBN: 9798400216114
- ISSN: 1934-7685
- Subject: Financial crises, International organization, Monetary policy
- Keywords: Bank liquidation, Bank resolution, Bank resolution framework, C. bank winding-up, Crisis management, Europe, European Union bank recovery, government ownership, resolution function, resolution regime legislation, supervisory function, Ulster bank Ireland
International Monetary Fund — "Ireland: Financial Sector Assessment Program-Technical Note on Financial Safety Nets and Crisis Management", IMF Staff Country Reports 2022, 239 (2022).
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