Central Bank publishes strategy for 2016-18

The Central Bank of Ireland’s Strategic Plan for the three year period 2016 to 2018, sets out how it will deliver the new Central Credit Register, implement new European insurance requirements and work with the Single Resolutions Boards.

The mission statement “Safeguarding Stability, Protecting Consumers” is central to the plan, which outlines how the Central Bank will deliver on its mandate in the coming three years. It will inform a wide range of external stakeholders about its work and priorities and how it will deliver key objectives and build its capacity to meet its wide range of statutory responsibilities.

This Strategic Plan builds on work already started in preceding years, such as:

• Implementing and assessing unconventional monetary policy measures;
• Stepping up our engagement with firms’ boards and senior management towards a strong consumer-centred culture; and
• Extending on-site inspection capabilities across all sectors of the financial services industry.

It will also take on new and increased responsibilities in the coming years, including:

• Delivering the new Central Credit Register;
• Implementing new European insurance requirements, Solvency II; and
• Working in close co-operation with the new Single Resolution Board on resolution matters concerning Significant and Cross Border Institutions.

Key projects will be undertaken during the lifetime of the plan including:

• Reviewing the Central Bank’s organisational design and structure and ensuring the organisation can attract and retain the right people with the right skills and experience to meet its needs; deploying a major new data and information management strategy.
• Moving our city centre staff to a new head office, in order to improve the Central Bank’s efficiency, collaboration and ways of working;

As a major public institution in Ireland, the Central Bank recognises the importance of transparency in its activities and performance. A report of progress in relation to this Strategic Plan will be published annually within six months of each year end.