The Central Bank of Ireland published a speech by Deputy Governor Mary-Elizabeth McMunn outlining her perspectives on regulation and supervision, including how the Bank is adapting its supervisory model and how it views the EU regulatory simplification agenda. She framed the operating environment as one where firms and regulators need to be prepared for both short-term shocks and long-term structural shifts, with resilience tested across financial and non-financial dimensions. McMunn highlighted that the Central Bank’s regulatory responsibilities and the sectors it supervises have become larger, more complex, more interconnected and more digital, with innovation and digitalisation reshaping risks and consumer impacts. In response, the Bank has moved to a more integrated approach to supervision using multi-disciplinary teams to deliver supervisory priorities across its mandate. On simplification, she said the Central Bank welcomes efforts to deliver the same regulatory outcomes in simpler ways, but warned that simpler standards should not become lower standards or remove information needed by regulators and markets, and that the Bank will call out risks if simplification slides into de-regulation.
Central Bank of Ireland 2025-04-03
Central Bank of Ireland Deputy Governor McMunn sets out integrated supervision approach and cautions against deregulation under simplification agenda
The Central Bank of Ireland's Deputy Governor Mary-Elizabeth McMunn discussed regulatory adaptation, emphasizing resilience amid short-term shocks and long-term shifts. She noted increasing complexity and digitalization in sectors under the Bank's supervision and the adoption of an integrated supervisory approach. McMunn supported EU regulatory simplification but cautioned against lowering standards or reducing necessary information.