The Central Bank of Ireland (the “Central Bank”) published its Annual Report and Annual Performance Statement 2018 (collectively, the “Reports”), on 29 May 2019. The Reports provide an overview of the key activities and work undertaken by the Central Bank during the course of 2018, both generally, in the context of Brexit and enforcement and, more specifically, in the sectors of banking and insurance, as well as in asset management and investment banking.
Brexit
Brexit was a key area of focus for the Central Bank generally in 2018, with the Central Bank seeking to ensure that financial stability and consumer protection risks were mitigated to the greatest extent possible, particularly in relation to the cliff-edge risks associated with a no-deal Brexit.
According to the Central Bank, it took a number of measures to address the risk of lack of service continuity, which it considered to be the biggest threat to consumers, including by requiring evidence of effective contingency planning through active supervisory engagement with firms.
In its capacity as gatekeeper, the Central Bank saw a significant increase in authorisation activity including large and complex…
