Central Bank welcomes publication of the International Monetary Fund reports

• Further detail of ongoing repair of the financial system and the progress made by the Irish authorities in strengthening regulation and supervision;
• Final publication arising from the first such review since financial crisis, showing continued normalisation of relationship with the IMF post program;
• Recommendations to be considered as part of ongoing work, in conjunction with other authorities where relevant.

The Central Bank welcomes the publication of Technical Notes associated with the IMF Financial Sector Assessment Programme (FSAP). These are published subsequent to the release of the FSSA for Ireland in July.  Both releases follow the IMF’s review under the FSAP.

Notes

On the release of the Financial System Stability Assessment for Ireland Deputy Governor (Financial Regulation) Cyril Roux said:

“The report highlights the transformation of the regulatory landscape and supervisory approach that has taken place in recent years.  The introduction of new European and local regulations, the increased depth of the supervisory engagement and our focus on systemic and emergent risks across the system enable the Central Bank to deliver effective supervision. These assessments are an important opportunity to have our supervisory practice publicly evaluated against international standards.

We welcome the recognition by the IMF of the progress made since the financial crisis, note the further recommendations made and will consider them, in conjunction with other authorities where relevant, as part of our ongoing work.”