Powered by Lexis+®
Jurisdiction(s):
Ireland

Central Bank of Ireland’s 2025 supervisory overhaul: PRISM replaced by integrated, outcomes-focused, sectoral supervision with dedicated teams for significant firms and thematic oversight for others

Published on: 18 March 2025

Published by a LexisNexis Ireland - Banking & Financial Services expert
Legal News
Article summary

On 28 February 2025, the Central Bank of Ireland (Central Bank) issued an overview of recent changes to its supervisory model in its 'Our Approach to Supervision' publication. The Central Bank oversees a range of financial services sectors of differing scales, and developments in the industry since it launched PRISM, its risk-based supervisory framework, in 2011 have driven the need for a refreshed supervisory approach. The updated model will feature integrated supervision, with cross-disciplinary teams collaborating to deliver the Central Bank’s supervisory priorities more efficiently. These supervisory reforms are expected to materially affect firms over time.

Safeguarding outcomes

The Central Bank underscores the collective role of financial regulation, supervision (covering engagement, analysis and oversight of firms) and the implementation, monitoring and enforcement of regulations in delivering its four safeguarding outcomes:

  • protection of consumer and investor interests
  • the integrity of the financial system
  • the safety and soundness of firms
  • financial stability

Changes to supervision

The Central Bank’s evolving approach is shaped by the following design consideration:

  • outcomes-focused and risk-based supervision – remains central to the Central Bank’s approach...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow