Thematic inspection of regulatory reporting by international banks published

12 April 2017 Press Release


The Central Bank of Ireland today publishes the outcome of a Thematic Inspection of Regulatory Reporting in a number of International Banks1 regulated by it. The review examined the extent to which the Central Bank can rely on the accuracy and integrity of Regulatory Returns submitted.  The banks were selected based on a combination of risk assessment ratings, previously identified issues in this area and consideration of the importance of the Regulatory Returns to the Central Bank in the performance of its regulatory role. 

Fiona MacMahon, Head of Banking Supervision, said 

“The regulatory reporting requirements for banks expanded in response to the financial crisis as it is essential that bank regulators have timely and accurate information in order to evaluate capital adequacy, large exposures and liquidity in firms.  Banks must have a robust regulatory reporting framework as the Central Bank places reliance on regulatory returns to enable it to monitor banks and to act in a timely manner where risks arise. 

A number of the findings in this inspection are not acceptable and have resulted in regulatory breaches in certain instances.  We will continue to use our supervisory and inspection resources to ensure that the issues identified are comprehensively remediated."

1 The International Banks that were in-scope for this inspection are categorised as Less Significant Institutions, that is, banks that do not meet the criteria to be a Significant Institution as evaluated by the Single Supervisory Mechanism.