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Saturday, 13th April 2024
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Bankers present IFSRA report Back  
A report commissioned by the Irish Bankers’ Federation on the implications of the new Irish Financial Services Regulatory Authority (IFSRA), which allows for the establishment of a single regulator, has been presented to the Government and the Central Bank for review.
The report, which was prepared with the assistance of Professor David Llewellyn of Loughborough University, forms the basis of the IBF’s constructive consultation with all of the relevant parties, and outlines the IBF/IMSA’s views on the general principles that should guide the new Authority so as to maximise the effectiveness and efficiency of the regulatory process and limit the extent of avoidable costs on consumers, regulated firms and the economy generally.
The report’s central theme is that the content, style and approach to regulation and supervision are more important than questions of institutional structure.
It also addresses the issue of funding, which has generated some heated debate among the financial services industry as to whether or not institutions should contribute towards the cost of the new structure. Under section 33 (j) of the draft Bill, which received its second reading in the Dail on June 18th, the chief executive of the Authority, with the agreement of the Authority, is given power to make regulations to impose levies subject to approvals by the Minister for Finance.
According to the Central Bank, the new Authority will not make any decisions on how the industry will be funded until early next year, when the Authority should be up and running.
In its report however, the IBF have assessed this provision, and will include it in future discussions with the chairman of the IFSRA Board, Brian Patterson, and other key parties.

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