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Sunday, 14th April 2024
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Banking industry backs IFSRA strategy Back  
Individual banks have refused to make their feelings known on the drive towards increased regulation contained in the regulator’s policy plan, but industry representative body, the Irish Bankers Federation (IBF), has welcomed what it termed a ‘ clear commitment to operate a cost-effective and responsive regulatory system that facilitates innovation, competitiveness and growth – both in Ireland and internationally.’
'In overall terms, the institutions are happy with the trend of IFSRA's thinking.' ... Felix O'Regan, IBF.


‘In overall terms, the institutions are happy with the trend of IFSRA’s thinking. There is nitty gritty to be worked out and as of yet we haven’t sat down to discuss the policy document.’ said Felix O’Regan, head of public relations and communications at the IBF.

‘The IBF’s position would be that good, balanced regulation is in everybody’s interest – both customers and institutions. However, the key words are ‘good’ and ‘balanced’. Over-regulation is in nobody’s interest as it hinders innovation,’ he added.

The on-going commitment to a principles-based approach to regulation has also been welcomed as it provides for input from the institutions themselves. O’Regan did note, however, that there are areas that will require closer examination, ‘because they could perhaps pose those challenges of over-rigid over-regulation that we are seeking to avoid.’

According to IFSRA’s ‘Strategy for 2005’, IFSRA will continue to assist the banking sector to comply with the enhanced requirements of the Risk Based Capital Requirements Directive over 2005, and will also work with the EU to implement the new International Accounting Reporting Standard relating to capital adequacy ratios and regulatory reporting. With regards to reporting requirements and design return formats for financial conglomerates, it hopes to prepare a framework by December, and also intends to develop a cohesive approach to the supervision of complex groups and prepare an action plan by this time.

In general, increased co-operation at a European/international level will form a large part of the single regulator’s work in 2005, as it seeks to introduce an integrated and harmonised code of practice for all financial service providers.

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