Overhaul of Central Bank’s regulatory functions approved

A restructuring of the Central Bank's financial-regulation structures has been approved. As a result, regulatory functions will be split under two headings: prudential regulation and financial conduct. The purpose of the restructuring is to "ensure the Central Bank is suitably equipped to meet its expanded regulatory mandate".

The structure of the bank’s senior management team will be amended in line with the two new regulatory pillars, a statement said. The prudential regulation pillar will look after credit institutions, insurance and asset-management supervision, while the financial-conduct pillar will regulate consumer protection, securities and markets supervision, and enforcement.

Central Bank governor Philip Lane said: "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.

“[It] 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,” he added.