Credit Institutions

Historically, the Central Bank of Ireland had overall responsibility for the authorisation and supervision of credit institutions operating in Ireland.

This changed in 2014 with the creation of the Single Supervisory Mechanism (SSM) which made the European Central Bank the competent authority for banking supervision both in Ireland, and the rest of the euro area.

The creation of the SSM has resulted in a number of fundamental changes in how the supervision of banks is conducted.

The SSM is built on collaboration between the ECB and the National Competent Authorities within each euro member state, such that resources from both authorities work together to deliver on the SSM’s supervisory responsibilities.

The Central Bank of Ireland’s Deputy Governor, Prudential Regulation is Ireland’s member of the ECB’s Supervisory Board, which is the governing structure of the SSM.

Current Supervisory Framework

The SSM divides institutions into two distinct categories: Significant Institutions (SIs) and Less Significant Institutions (LSIs).

SIs are supervised directly by the ECB by Joint Supervisory Teams. For institutions authorised in Ireland, the Joint Supervisory Teams have members in both Frankfurt and Dublin.

Details on the IMAS Portal for SSM Fitness and Probity applications from SIs.

LSIs are supervised directly by the Central Bank of Ireland with indirect supervision from the ECB.

The ECB, which has ultimate responsibility for the functioning of the SSM, may issue guidelines to ensure consistent supervision or assume direct supervision of an institution in certain circumstances.

You can keep up to date with banking supervision in Europe by subscribing to the ECB's Supervision Newsletter.

Our Structure

Depending on the nature of the institution, it will be supervised by staff in either our Retail Banking and Payments or our International Banks Supervision Divisions, working with ECB colleagues, as appropriate. Information on the authorisation process for Credit Institutions is available here.

Supervisory divisions are supported in their work by a number of other directorates at the Central Bank, most notably the Prudential Analysis and Inspections Directorate.

The Central Bank remains the competent authority for Anti Money Laundering for all credit institutions, with our dedicated Anti Money Laundering Division monitoring compliance with regulatory requirements.

The Central Bank, under its Financial Conduct pillar, continues to be solely responsible for conduct of business supervision for credit institutions.

Credit unions are supervised by the Registry of Credit Unions.

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