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Irish central bank to restructure financial regulation functions

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Irish central bank to restructure financial regulation functions

The Central Bank of Ireland will split its financial regulation functions into prudential and financial conduct divisions, a move it said would allow it to meet its expanded regulatory mandate.

The prudential regulation division, which will include the central bank's directorates for credit institutions, insurance and asset management, will be led by a deputy governor, who will be responsible for the central bank's representation at the Single Supervisory Mechanism, the European Banking Authority and the European Insurance and Occupational Pensions Authority. The office will also carry entitlement to serve on the bank's commission.

The financial conduct division, which will focus on consumer protection, securities and markets supervision and enforcement, will be led by a newly created role of director general, who will represent the bank at the European Securities and Markets Authority.

Bernard Sheridan currently serves as acting deputy governor of financial regulation, after Cyril Roux resigned in April.

Additionally, a policy and risk directorate division will support both the prudential regulation and financial conduct pillars, but will be part of the latter for administrative purposes. A financial regulation oversight committee, consisting of the governor of the Irish central bank, both deputy governors and the director general, will be established to ensure effective coordination of the bank's regulatory work.

Both the deputy governor of prudential regulation and director general of financial conduct will report to the governor of the Irish central bank and will be part of the governor's committee, which is the central bank's most senior management committee. The regulator noted it will begin searching for candidates for both roles in the week beginning June 5.