The Central Bank of Ireland’s (the ‘CBI’) has published a plan setting out the CBI’s key strategic priorities for 2013 – 2015. The plan underpins the continued emphasis on consumer protection and financial stability.

The CBI’s focus is on eight high-level goals corresponding to its statutory objectives and EU and Eurosystem responsibilities. Key objectives outlined in the plan include the following:

  • Restoring financial stability
  • Supporting economic recovery
  • Contributing to economic and regulatory policy in Ireland and internationally
  • Protecting consumers

The Strategic Plan outlines the CBI’s regulatory approach and its strengthened legal mandate. Of particular interest to (re)insurers are:

  • The highlighting of the Government’s proposals to enhance the CBI’s powers of enforcement, including applying increased penalties, further powers to issue directions and the establishment of a whistle-blowers framework
  • An acknowledgment that full implementation of Solvency II by 1 January 2014 is unrealistic