It's making changes to meet its expanded brief...
The Central Bank of Ireland has confirmed a major restructuring of its regulatory operation - this decision "is designed to ensure the Central Bank is suitably equipped to meet its expanded regulatory mandate."
Ireland's financial regulation functions will be separated into two pillars - Prudential Regulation and Financial Conduct.
Announcing the restructure, Governor Philip R. Lane said: "The changes are driven by two factors. First, due to the expanded mandate of the Bank and the shift to a more intrusive method of supervision, the scale of financial regulation activity has sharply increased in recent years. Second, the level of European engagement has also been transformed, with the SSM (the ECBs Single Supervisory Mechanism) in particular requiring extensive input. Allied to that, this restructuring places clear emphasis on the importance of our financial conduct mandate, which includes consumer protection, investor protection, the orderly operation of financial markets and enforcement.
"This restructuring will provide the Central Bank with strong foundations to carry out its vital financial regulatory mandate, ensure the Central Bank can maintain its strong performance across the European Supervisory Authorities and ensure robust protection of consumers and investors in line with our mandate and our mission to safeguard stability and protect consumers," he added.
This means that there will be changes in the structure of the bank's senior management. The Prudential Regulation wing will be led by a Deputy Governor (Prudential Regulation). This person will be an ex officio member of the Commission and responsible for the Bank’s representation at the Single Supervisory Mechanism (SSM), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA).
Meanwhile, the Financial Conduct pillar will be led by a new role, 'Director General (Financial Conduct).' They will be responsible for the Bank’s representation at European Securities and Markets Authority (ESMA).
The competitions for the Deputy Governor and Director General roles will open next week.