The Central Bank's Annual Performance Statement 2022-2023, published this week in conjunction with its Annual Report 2022, does not contain any surprises as regards the Central Bank's priorities for 2023. These remain consistent with those signposted in detail by the Central Bank in recent months, as set out in our earlier updates:
Central Bank 'Dear CEO' letter to all regulated firms, reconfirming 2023 priorities
Central Bank Update: Mortgage interest rates; regulatory priorities for 2023
Consumer Protection: CBI publishes Outlook Report.
In the near term, we can expect to see a feedback statement following the Discussion Paper on the Consumer Protection Code, followed by a consultation paper. Based on timelines set out in the Central Bank's Consultation Paper on the Individual Accountability Framework, we can expect to see the public consultation on IAF-related changes to the Administrative Sanctions Procedure shortly. The review of how the Innovation Hub is functioning will begin (that is also a key deliverable under the Government's updated 'Ireland for Finance' strategy).
To discuss any aspect of the Central Bank's 2023 priorities, please get in touch with your usual contact in our Financial Regulation, Insurance or Asset Management and Investment Funds groups.
https://www.centralbank.ie/docs/default-source/publications/corporate-rep
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.