Functions of the Panel 

Section 57DB of the Central Bank Act 1942 (as inserted by the Central Bank and Financial Services Authority of Ireland Act 2004) sets out the functions of the Consultative Industry Panel.

The functions of the Consultative Industry Panel are as follows:

  • when the Regulatory Authority so requests, to comment on a policy document or regulatory document, or a proposed policy document or proposed regulatory document, prepared by that Authority
  • to provide that Regulatory Authority with comments on levies and fees that that Authority proposes to prescribe under section 33J or 33K
  • to provide the Regulatory Authority with comments on that Authority’s draft estimate of income and expenditure for each financial year
  • to provide the Regulatory Authority with comments on the impact that the conditions and restrictions imposed by that Authority on financial service providers have on the competitiveness of those providers
  • to provide the Regulatory Authority with comments with respect to changing trends within the financial services industry that have implications for the functions and responsibilities of that Authority

Section 57DF

Section 57DB above should be read in conjunction with Section 57DF of the Central Bank Act 1942 (as inserted by the Central Bank and Financial Services Authority of Ireland Act 2004), which is set out below.

  1. Before making or issuing a policy document or a regulatory document, the Regulatory Authority shall consult each Consultative Panel, unless that Authority believes that the document must be made or issued without delay. In that case, the Regulatory Authority shall consult each of the Panels as soon as possible after the document is made or issued.
  2. In making or issuing a policy document or regulatory document, the Regulatory Authority shall take into account the advice (if any) provided by a Consultative Panel on any aspect of the document. If the Regulatory Authority declines to give effect to any particular advice provided by the Panel, it shall provide the Panel with a written statement setting out its reasons for declining to give effect to the advice and shall, if the Panel so requires, publish the statement.
  3. The Minister shall consult each Consultative Panel before approving the Regulatory Authority’s draft estimate of income and expenditure for a financial year.

If the Regulatory Authority makes or issues a policy document or a regulatory document, a failure of that Authority to comply with subsection (1) in relation to the document does not of itself invalidate the document.