The Compliance Files Episode 14

Central Bank's 2023 Priorities


Date: 23rd March 2023

Sharon Donnery, Deputy Governor, Financial Regulation, Central Bank of Ireland

Sharon Donnery, Deputy Governor, Financial Regulation at the Central Bank of Ireland outlines the key regulation and supervision priorities plus discusses the changing economic environment and the Central Banks 2023 strategic priorities in this Compliance Files podcast episode.

At a recent event hosted by the iob, Deputy Governor, Donnery said: “The macro-financial environment remains very challenging, and this is central to our regulatory focus this year. Our priorities remain anchored in regulating and supervising in an effective and proportionate way. The system put in place in recent years to safeguard resilience has stood us well through recent challenges. We will remain vigilant in assessing and managing the resilience of firms and continue to ensure the effective functioning of the financial system that serves the needs of the economy and society.”

These priorities are in keeping with the Central Bank’s vision of a resilient and trustworthy financial system, which sustainably serves the needs of the economy and its customers, in which firms and individuals adhere to a culture of fairness and high standards.

This podcast encompasses a wide range of topics and provides valuable insights into the Central Bank’s 2023 priorities. Sharon reflects on how the Central Bank’s and industry’s responses in the last number of years has positioned us as we face the new challenges of 2023 and outlines the challenges that leaders in Financial Services face in charting a course through the uncertainty and complexity of the global economic outlook. Sharon also elaborates on the six principals of the Central Bank’s regulation in order to support positive outcomes and outlines the main challenges that the Central Bank faces when dealing with innovative firms looking to establish here. Plus, gives an overview of what the Central Bank expects firms to be doing now, to address their climate risk exposure. Following, the enactment of the IAF Bill 2022 on 9th March, and the Central Bank launching on 13th March its three-month consultation on key aspects of implementation of the IAF, Sharon outlines the Central Banks hopes for how the Individual Accountability Regime will improve standards in Financial Services firms.

To listen to the full podcast please click here:

The Compliance Files