09 November 2018 Press Release
- Strategy sets out five strategic themes which are our priorities for the next three years
- Strategy reaffirms Central Bank’s commitment to serving the public interest
- Brexit and new approach to conduct regulation identified as two significant challenges that call for particular strategic focus
The Central Bank of Ireland has published its Strategic Plan 2019-2021, setting out its key priorities for the next three years. It builds on the current strategy with many ongoing priorities and initiatives continuing to feature over the next three years.
The strategy sets out the five strategic themes that the Central Bank will focus on for the next three years. These are:
- Strengthening resilience;
- Strengthening consumer protection;
- Engaging and influencing; and
- Enhancing organisation capability.
Launching the strategy, Governor Philip R. Lane, said ‘Our priority is to serve the public interest by safeguarding monetary and financial stability and by working to ensure that the financial system operates in the best interests of consumers and the wider economy. A core element of our approach is to ensure that the financial system is strengthened, increasing resilience against risks so that it can better withstand future shocks and crises and that the impact of these events is mitigated.
‘In common with the wider European system, the last decade saw the Central Bank initially immersed in crisis management, followed by the reconstruction of the regulatory system in recent years. It is now timely to enter a period of consolidation, in which the progress made in recent years is maintained, while the taking on of new challenges is accompanied by a focus on improving our efficiency and capability in delivering existing tasks.
‘The strategy has been developed with a three year timeline, but there are two immediate significant challenges that call for particular strategic focus – Brexit and our new approach to conduct regulation. Brexit has short-term and long-term implications for the structure of the Irish economy and the trading system. Brexit has also meant a significant expansion in the set of firms looking to use Ireland as a base to serve the EU27 financial system and it is forcing a rethink of the appropriate framework for regulating trade in financial services between the EU27 and other locations (including the UK).
‘Financial conduct regulation the last decade has seen a wide range of financial misconduct scandals around the world, while the Tracker Mortgage Examination has revealed the damage that can be caused to Irish consumers from misconduct by domestic banks. We are committed to the regulation of the behaviour of regulated firms and the operation of financial markets in order to protect consumers and investors.
‘To deliver on this plan we will have to be flexible, effectively prioritising across competing demands, while safeguarding delivery of our fundamental work, and responding to changes in the external environment.’
The strategy was developed following consultation with the public and other stakeholders.