In order to deliver better outcomes, the Central Bank believes the financial system needs to be more trustworthy and better able to support the economic welfare of citizens.
This is according to the Director of Financial Regulation Policy & Risk and Investment Banking Supervision (Interim) at Central Bank, Gerry Cross who was speaking at the A&L Goodbody Corporate Crime and Regulation Summit today.
On the strategic priorities for the Central Bank, Mr Cross said that the issue of resilience and customer fairness arising out of Covid-19 are significant features in its ongoing supervisory strategy.
On what firms can expect from Central Bank inspections, Cross said, “Firms can expect us to be focused, intrusive and challenging,” adding that, “We expect firms to be well prepared, to be open, to be truthful and honest, to communicate clearly and to be supportive of the work of our teams.”
Mr Cross acknowledged that Covid-19 has caused disruption to the Central Bank’s onsite inspections but said that “it has given rise to adaptations and positive learnings for the future. We have learned that many aspects of onsite inspections can be successfully achieved by virtual means. We have learned that we can gain efficiencies that we might not have known about. And of course we retain the option to go onsite where that is necessary.”