Central Bank of Ireland launches consultation on regulatory impact assessments and updated consultation approach

The Central Bank of Ireland has launched Consultation Paper 170 seeking views on a draft Statement of Approach to Regulatory Impact Assessment and a proposed updated approach to public consultation. The consultation is intended to formalise how the bank develops, assesses and communicates regulatory interventions, with a stronger emphasis on structured, evidence-based and proportionate policymaking. It does not introduce new regulatory requirements or amend existing rules. Under the draft framework, Regulatory Impact Assessment would apply where the Central Bank exercises meaningful domestic discretion in policy interventions of general application, particularly when introducing new obligations, materially changing existing requirements or otherwise altering the regulatory framework in ways that could have significant effects. The assessment would be scaled according to the proposal’s impact, complexity, degree of discretion and available evidence, and would cover the problem being addressed, objectives, baseline and counterfactual, alternative options, likely impacts including costs, benefits and unintended consequences, and subsequent monitoring and review. The proposed consultation approach largely codifies and refreshes existing practice, indicating that consultation will generally be used for new requirements or significant framework changes, with consultation periods usually set at 12 weeks and generally no shorter than eight weeks unless specific circumstances require otherwise. It also sets out a greater focus on accessibility, inclusiveness, stakeholder engagement and feedback statements. Responses are due by 30 September 2026. After reviewing submissions, the Central Bank plans to publish a formal Consultation Policy and said it will consider whether further consultation is appropriate.