The Central Bank of Ireland (Central Bank) recently published a consultation paper (CP136) on “Enhancing our Engagement with Stakeholders”. In the document, the Central Bank highlights the progress it has made with enhancing stakeholder engagement and sets out proposed actions to better enhance stakeholder engagement in 2021.
Enhancing Engagement with Stakeholders
Governor Makhlouf, in his introductory message, acknowledges the importance of meaningful stakeholder engagement by the Central Bank. The Central Bank aims for a consistent, comprehensive and inclusive approach to engagement. To date, the Central Bank has taken the following steps to improve stakeholder engagement:
- Enhancing its data about the Central Bank’s current engagement.
- Increasing transparency with its stakeholders.
- Creating two-way conversations to listen to stakeholders’ perspectives.
- Researching relevant structures in peer jurisdictions in the EU and further afield.
Proposed Actions in 2021
The Central Bank has identified several ways to enhance its current stakeholder engagement in 2021. The proposed actions include:
- Enhancing engagement with civil society and with consumer representatives (including through the Customer Advisory Group and Civil Society Roundtable).
- Enhancing industry engagement.
- Introducing a Financial System Conference.
- Engagement with business representatives.
These proposals may have the following effects on the (re)insurance sector:
- Industry engagement: The Central Bank proposes to formalise the current ad hoc industry roundtables. These formalised roundtables will meet twice a year to bring key financial sector industry stakeholders together in a single forum to engage with senior Central Bank management to discuss cross-sectoral, strategic issues relating to the financial system. Membership of this formalised roundtable would include relevant industry representative groups, including the insurance industry, from across the Irish financial system. Membership would likely be capped at 20 members. The Central Bank’s current mode of engagement with (re)insurance companies through the current industry roundtables could be affected by this proposal and the Central Bank is seeking feedback from firms on this proposal, including whether they agree with this change or not.
- Financial System Conference: The Central Bank proposes to host a regular Financial System Conference, which would provide a forum for stakeholders to engage with the Central Bank on strategic issues affecting the oversight and operation of the financial system in Ireland. The first conference is proposed to take place in 2022 and the Central Bank has asked for any observations in respect of this proposed conference.
Deadline for submission
The deadline for submission in response to CP136 is Tuesday, 11 May 2021.
If you would like to know more about the services we offer or have any questions about engagement with the Central Bank, please contact the Insurance team or your usual contact at William Fry.
Contributed by Catherine Williams