Central Bank appoints new Deputy Governor
The Central Bank of Ireland has announced the appointment of Sharon Donnery as the new Deputy Governor for Central Banking. Ms. Donnery's predecessor, Stefan Gerlach, stepped down from the position in December 2015, to return to Switxerland and pursue other interests, having undertaken the role for in excess of 4 years. Ms. Donnery will commence in the position on 1st March 2016 and we wish her all the best.
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High Court Rules Central Bank Inquiry can Proceed
On the 4th January the High Court dismissed a claim by Michael Fingleton, former chief executive of Irish Nationwide Building Society, that he would be subject to an unfair process were the Inquiry planned by the Central Bank to proceed. John Purcell, a former executive director of INBS, had also taken an action to stop the Inquiry into regulatory breaches at INBS, at least until his challenge to the Inquiry's Constitutionality was heard but his application for an injunction was dismissed back in September. This paves the way for the planned Inquiry to commence its process next month.
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Solvency II is Here!
1st January 2016 marked a significant development for insurance companies as the date for the Solvency II directive to take effect. While it marks the commencement of a new regime of Regulatory supervision for Insurance and reinsurance undertakings it marks the end of what was a significant preparatory phase that saw a number of significant changes and publications by the Central Bank of Ireland. These included 8 information Notices, 3 Policy Update notices, a change to the Fitness and Probity Regime (new PCF 48) and new Corporate Governance Requirements documents.
The regime imposes greater focus on risk management through a harmonised regulatory regime across the EU which aims to increase policyholder protection. This is the first coordinated overhaul of the regulation of this sector in a number of years.
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