Press release 20 November 2012
The Central Bank of Ireland today (20 November 2012) published its new Strategic Plan. The Plan sets out the key strategic priorities for the three year period 2013 to 2015. These objectives relate to the Bank’s mission of safeguarding stability and protecting consumers. The Central Bank (Reform) Act, 2010, and other legislation, define the Central Bank’s statutory objectives which correspond to the eight high level goals described in the Plan.
The Plan is set in the context of continuing financial stability concerns and challenges to government finances, difficult economic conditions for consumers, businesses and regulated firms and an increasingly international policy-making environment. The key elements are:
- Restoring financial stability and supporting economic recovery through successful exit from the EU-IMF Programme of Financial Support and restoring a fully functioning banking system;
- Reforming the regulatory and supervisory framework to ensure risks to stability and consumer protection are identified and effectively mitigated;
- Protecting consumers by challenging firms, improving firms’ compliance, promoting a better culture in the financial sector and helping consumers have more confidence in financial services, and
- Influencing the increasingly international policy-making framework for monetary policy, financial stability and regulatory standard-setting.
The Central Bank will ensure that its important operational responsibilities continue to be discharged. These include currency operations and maintenance and oversight of payments systems infrastructure, with a leading role in the implementation of the National Payments Plan.
Underpinning all these activities, a key focus will be on improved operational efficiency and cost effectiveness, involving a range of measures including budget control and process automation. Key to the successful implementation of the Plan will be the continuing development of the Central Bank’s staff. After a period of significant growth in resources, a gradual reduction in resources in 2015 is envisaged due to efficiencies and completion of key initiatives.
The Strategic Plan is available to download directly from the Bank’s website www.centralbank.ie.