Media speculation suggests that the role of the Central Bank (CB) in Ireland is to be reformed to provide for the full integration of the prudential supervision and stability of individual financial institutions, with that of the financial system as a whole.
The CB will be placed it at the centre of financial supervision and financial stability oversight. This is an overturning of the current structure set up by the Irish government in 2004, whereby the CB and the Financial Regulator (FR) operate independently.
The consumer arm of the FR's office will be merged with the Financial Services Ombudsman's office.
The former deputy governor of the Bank of England and former member of the UK monetary policy committee, Sir Andrew Large, has been asked to advise on the process to select a new head of financial regulation within the new institutional structure.
The former chief executive of the financial regulator, Patrick Neary, announced his decision to take early retirement earlier this year. John Hurley is the current governor of the Central Bank.