Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Ireland

You are looking at 1 - 10 of 11 items for :

  • Type: Journal Issue x
  • Financial services industry; Law and legislation x
Clear All Modify Search
Cover IMF Staff Country Reports
Ireland: Financial Sector Assessment Program-Technical Note on Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses Ireland’s report on Banking Supervision. Supervision of less significant institutions is largely effective in Ireland. The Central Bank’s supervisory approach to LSIs is intrusive and well-developed supervisory tools are appropriately applied. The prudential regulation of banks has improved greatly since the 2016 Financial System Assessment Program. The EU framework has largely managed to embrace international regulatory reforms, following up on the causes of the Global Financial Crisis. The banking supervision has been tested by severe headwinds, with the final outcomes still in play. Supervision went through a period of major challenges for the economy and the financial system, namely from Brexit and the pandemic. The continued effectiveness of banking supervision in Ireland will depend on its success in solving several complicated problems. This note provides the main recommendations to enhance the supervision of the banking activities conducted in Ireland with a direct bearing on its financial stability.
Keywords:
supervision of the banking activity; broker-dealer supervision division; EU banking systems; business model; Central Bank approach; COVID-19; Credit risk; Bank supervision; Global
Cover IMF Staff Country Reports
Ireland: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This Financial System Stability Assessment paper highlights that the Irish financial system has grown rapidly and in complexity, especially after Brexit, and Ireland has become a European base for large financial groups. Risks to financial stability emanate from a much larger and more complex financial system, persistent legacy issues, as well as emergent ones from non-bank lending, Fintech, and climate change. Stress tests confirmed banks’ resilience to severe macrofinancial shocks, with some caveats. While broadly adequate, supervisory resources and capacity need to keep pace with a growing and more complex sector with significant cross-border linkages. Efforts are needed to further strengthen supervision of banks’ credit risk and develop capacity and skills on new areas such as climate, non-bank lending, and Fintech. Insurance oversight should prioritize intra-group complexities. Resolution and crisis management can be enhanced through greater planning and collaboration between the Central Bank and the Department of Finance to bolster the ability to deal effectively with institution failures and systemic crises.
Keywords:
insurance sector liquidity risk analysis; G. insurance sector solvency; MBF sector; banking sector Stress Testing Matrix; C. banking sector solvency; Commercial banks; Financial Sector Assessment Program; Foreign banks; Insurance companies; Global; Europe
Cover IMF Working Papers
Regulatory Cycles: Revisiting the Political Economy of Financial Crises
Jihad Dagher
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Keywords:
WP; central bank; financial market; political economy; banking sector; Financial Regulation; Financial Crises; Boom-Bust Cycles; Glass-Steagall Act; financial bubble; ruling party; share price; joint stock; crony capitalism; plain vanilla; stock index; bubble company; joint-stock bank; incumbent governments policy; government sponsorship; Housing; Global financial crisis of 2008-2009; Banking crises; Global; South America
Cover IMF Staff Country Reports
Ireland: Report on Observance of Standards and codes (ROSC)
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings and recommendations of the Report on Observance of Standards and codes for Ireland. The Central Bank of Ireland (CBI) is the integrated financial supervisor in Ireland. As the primary regulator of the Irish financial system, CBI has overall responsibility for the supervision of insurers and insurance intermediaries authorized in Ireland. The authorities need to address the significant challenges faced by CBI in attracting and retaining supervisors and to enhance the CBI’s independence. CBI is also advised to review the supervisory risk appetite underpinning Probability Risk Impact Supervisory System, including potential reputational risks.
Keywords:
ISCR; CR; CBI supervisor; CBI's policy; risk appetite; CBI guideline; risk management; life insurer; risk profile; group supervision; marketing insurance product; CBI planning; reinsurance strategy; Insurance companies; Insurance; Insurance supervision; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Working Papers
The Economic Crisis: Did Financial Supervision Matter?
Mr. Marc G Quintyn
,
Ms. Rosaria Vega Pansini
, and
Donato Masciandaro
The Asian financial crisis marked the beginning of worldwide efforts to improve the effectiveness of financial supervision. However, the crisis that started in 2007?08 was a crude awakening: several of these improvements seemed unable to avoid or mitigate the crisis. This paper brings the first systematic analysis of the role of two of these efforts - modifications in the architecture of financial supervision and in supervisory governance - and concludes that they were negatively correlated with economic resilience. Using the emerging distinction between macro- and micro-prudential supervision, we explore to what extent two separate institutions would allow for more checks and balances to improve supervisory governance and, thus, reduce the probability of supervisory failure.
Keywords:
WP; governance arrangement; central bank involvement; prudential supervision; supervision unification; supervisory governance; financial supervision; global crisis; supervisory architecture; macroprudential supervision; proactive supervision; involvement in supervision; banking industry; degree of supervision unification; governance indicator; governance work; Bank supervision; Basel Core Principles; Public sector; Europe; Global
Cover IMF Working Papers
Towards Effective Macroprudential Policy Frameworks: An Assessment of Stylized Institutional Models
Erlend Nier
,
Mr. Luis Ignacio Jácome
,
Jacek Osinski
, and
Pamela Madrid
A number of countries are reviewing their institutional arrangements for financial stability to support the development of a macroprudential policy function. In some cases, this involves a rethink of the appropriate institutional boundaries between central banks and financial regulatory agencies, or the setting up of dedicated policymaking committees. In others, efforts are underway to enhance cooperation within the existing institutional structure. Against this background, this paper provides basic guidance for the design of effective arrangements, in a manner that can provide a framework for country-specific advice. After reviewing briefly the main institutional elements of existing and emerging macroprudential policy frameworks across countries, the paper identifies stylized institutional models based on key features that distinguish institutional arrangements. It develops criteria to assess the effectiveness of models, examines the strengths and weaknesses of models against these criteria, and explores ways to improve existing setups. The paper finally distills lessons and sets out desired principles for effective macroprudential policy arrangements.
Keywords:
WP; central bank; authority; country; prudential policy; government representation; risk assessment; macroprudential policy; institutions; governance; supervisory function; central banks cuts rates; Policy effectiveness; policy field; policy outcome; credit policies task; current account; regulatory authority; central bank incentive; policy mandate; Systemic risk; Financial sector stability; Institutional arrangements for revenue administration; Europe
Cover IMF Staff Country Reports
Euro Area Policies: 2011 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Member Countries
International Monetary Fund
In this study, the risks related to the euro area sovereign debt crisis are analyzed. Methods used to implement the European Financial Stability Facility (EFSF) are overviewed, and the European Stability Mechanism (ESM), the European Systemic Risk Board (ESRB), and the European Supervisory Authority (ESA) are the important framework for financial reforms and macroprudential policies. In this paper, the improvement over the fiscal and structural governance stability and growth pact (SGP) and excessive deficit procedure (SDP) is discussed. Finally, the findings of spillover analysis are outlined.
Keywords:
ISCR; CR; euro; authority; single market; crisis; Euro Area authorities; ECB data; Plus Pact; governance framework; Euro area; financial system; interest rate; area flow; Inflation; Commercial banks; Fiscal consolidation; Global; Europe
Cover IMF Working Papers
Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors
Mr. Marc G Quintyn
,
Donato Masciandaro
, and
Ms. María Nieto
In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto establishing a complex multiple principals-multiple agents network. This paper focuses on the network of national agencies. Starting from an analysis of supervisory architectures and governance arrangements, we assess to what extent lack of convergence could undermine efficient and effective supervision. The main conclusion is that harmonization of governance arrangements towards best practice would better align supervisors' incentive structures and, hence, be beneficial for the quality of supervision.
Keywords:
WP; government; country; EU country; supervision; independence
Cover IMF Staff Country Reports
Ireland: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This report discusses the Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Ireland. The report provides a summary of the AML/CFT measures in place in Ireland as at July 2005, analyzes those measures, and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Ireland’s levels of compliance with the FATF 40 Recommendations.
Keywords:
ISCR; CR; CFT obligation; CFT requirement; TF offence; CFT framework; CFT measure; CFT regime; Irish AML; terrorist offence; ML offence; offence of Terrorist Financing; application AML measure; narcotics offence; criminal justice; TF obligation; beneficial owner; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Money laundering; Terrorism financing; Europe
Cover IMF Working Papers
The Fear of Freedom: Politicians and the Independence and Accountability of Financial Sector Supervisors
Mr. Michael W Taylor
,
Mr. Marc G Quintyn
, and
Ms. Silvia Ramirez
Compared with the case of central bank independence, independence for financial sector supervisors remains more controversial. This paper analyzes changes in independence and accountability arrangements in a set of 32 countries that overhauled their legal and/or institutional frameworks for supervision in recent years. Despite improvements, there is strong evidence that the endorsement of independence remains half-hearted, which shows itself through either overcompensation on the accountability side, or resort to political control mechanisms. The latter could potentially undermine the agency's credibility. The results indicate that policymakers still need to be persuaded of the long-term benefits of independence for financial sector soundness, and of the potential for a virtuous interaction between independence and accountability, if the arrangements are well-designed.
Keywords:
WP; RSA independence; independence rating; agency independence; monetary policy; minister of finance; Bank supervision; financial regulation; public administration accountability; accountability arrangement; executive branch; Legal support in revenue administration; Financial sector; Central bank autonomy; Africa