Central Bank publishes a Consultation Paper (CP 110) on the Implementation of Competent Authority Options and Discretions in the European Union (Capital Requirements) Regulations 2014 and Regulation (EU) No. 575/2013

On 23 June 2017, the Central Bank published a consultation paper (PDF 1.27MB)on the manner in which the Central Bank of Ireland intends to exercise the competent authority Options and Discretions that are provided for in the European Union (Capital Requirements) Regulations 2014 and Regulation (EU) No. 575/2013 on Prudential Requirements for Credit Institutions and Investment Firms, without prejudice to the European Central Bank’s competencies within the Single Supervisory Mechanism.

The Central Bank distinguished O&Ds broadly as follows:

Option: refers to a situation in which competent authorities or Member States are given a choice on how to comply with a given provision, selecting from a range of alternatives set forth in EU legislation.

Discretion: refers to a situation in which competent authorities or Member States are given a choice whether to apply or not to apply a given provision in EU legislation.

Responses to this consultation paper can be sent to [email protected] on or before August 4th 2017.