The Central Bank of Ireland Consultation with Stakeholders

Mar 31, 2021

The Central Bank of Ireland (the Central Bank) has issued a consultation paper (“CP”) on stakeholder engagement. Consultation Paper 136 Enhancing our Engagement with Stakeholders.

In this CP they state that a key priority for the Central Bank is to engage with the public and their stakeholders across the whole economy, to listen and learn. 

As a body representing accountants, we welcome this engagement. Many of our 28,000 members are actively engaged in the financial sector in a wide variety of roles including at board level and in other senior roles which help ensure the smooth running of the financial services industry in this country. The role of the auditor is key in the running of the financial services industry and our members are the main players in this area. Additionally, auditors appointed to report on the financial statements of regulated entities in the Republic of Ireland are a vital part of the regulatory process.   

The consultation contains a number of proposals and we intend to respond to the proposals that we feel are more relevant to our members engaged in the industry and providing services such as audit to the industry. 

The CP seeks views on four key proposals by 11 May.

  • Build on existing engagements such as the Civil Society Roundtable and Consumer Advisory Group.
  • Formalise the current industry roundtables by hosting a senior level, cross-sectoral industry stakeholder forum.
  • Host a public Financial System Conference in 2022.
  • Enhanced engagement with business and “real economy” representatives.

You can access the full consultation paper in the attached link and we encourage our members in the industry to respond.