The Central Bank of Ireland has launched a consultation on two parts of its regulatory policymaking framework: a draft Statement of Approach to Regulatory Impact Assessment and a proposed updated approach to public consultation. The exercise does not introduce new regulatory requirements or amend existing rules. Instead, it sets out how the central bank proposes to assess regulatory interventions, weigh evidence and impacts, and engage stakeholders when developing policy. For regulatory impact assessment, the draft framework would apply where the central bank exercises meaningful domestic discretion on policy interventions of general application, particularly where new obligations are introduced, existing requirements are materially changed, or the regulatory framework is otherwise altered with significant effects. The approach is framed as proportionate and judgment-based rather than purely quantitative, covering problem definition, baseline and counterfactual analysis, policy options, costs and benefits, unintended consequences, evidence gathering, governance, transparency, and post-implementation review. On consultation, the proposed approach largely clarifies and refreshes existing practice. It states that consultation would typically be used for new requirements, significant framework changes, or where stakeholder input would materially inform policy options, while more limited or no consultation may be appropriate for binding European or other external requirements with little discretion, minor technical changes, or time-sensitive interventions. Consultation periods would generally be 12 weeks, with shorter periods generally expected to be no less than 8 weeks unless specific circumstances require otherwise, and the central bank would generally publish submissions and later issue a feedback statement. Responses are due by 30 September 2026. After reviewing feedback, the Central Bank of Ireland plans to publish a feedback statement and then a formal Consultation Policy, while the regulatory impact assessment approach is intended to evolve through experience and stakeholder input.
Central Bank of Ireland2026-06-22
Central Bank of Ireland launches consultation on regulatory impact assessment and updated consultation approach
The Central Bank of Ireland is consulting on a draft framework for regulatory impact assessment and a revised approach to public consultation. The proposals do not change existing rules, but would formalize how the central bank assesses policy impacts, uses consultation, and applies proportionality, including a general 12-week consultation period. Responses are due by 30 September 2026, after which the bank plans to publish a feedback statement and a formal Consultation Policy.