RegSol Blog


Central Bank publishes Annual Report & Annual Performance Statement for 2020

June 2021

On June 2nd, 2021, the Central Bank has published its Annual Report and Annual Performance Statement for 2020. A financial profit of €829.6m has been reported for the year in addition to a surplus income of €665.7m which was paid to the Exchequer.

One of the key activities prioritised the safeguarding of monetary and financial stability while also continuing to serve the best needs of consumers and the wider economy.

The CBI has adapted and aided the support and recovery of consumers and investors financially impacted by Covid-19 and how best to manage these risks, in addition to Brexit and the UK’s departure from the EU.

On p. 29 of the report, strengthening consumer protection was detailed further. The continued protection of the interests of consumers particularly regarding solutions around stressed debt and insurance policy rebates and claims, in addition to enhanced regulation of firms and markets were the main areas of focus to ensure that there continues to be confidence and trust in the financial system.

Following a review, the Central Bank also plans to publish a consultation paper to update the Consumer Protection Code (CPC) and strengthen regulations due to emerging trends and risks.

In the area of fund management company compliance an additional Consultation Paper (CP) 86 was published following review, and the continued interests and protection of investors was the focus, with the aim to improve governance in this area.

As always, Anti-Money Laundering (AML) and countering the financing of terrorism (CFT) was a key area of focus with the CBI enhancing inspections, engagements, and outreach. Transaction Monitoring continues to be a critical area in this space and was documented in the CBI’s AML Bulletin.

One other key activity was on the emerging financial risks due to Climate Change. In addition to this and the Covid-19 pandemic, the CBI have developed a new strategic plan to tackle and mitigate these risks. It has reminded financial institutions of the need to be aware of ever emerging risks and threats occurring and to other potential risks not highlighted relative to an institution.

For further details on the report as well as an address by the CBI Governor Gabriel Makhlouf please refer to the following links:

Annual Report and Annual Performance Statement

and

Central Bank publishes Annual Report and Annual Performance Statement for 2020

Finally, a Protected Disclosures Annual Report for 2020 has also been published detailing the number of protected disclosures reported by financial institutions to public bodies in the preceding year and actions taken as a result.

This continues to help individuals to report on instances of wrongdoing and be protected against speaking up, while ensuring the increased inspection and supervision of these firms. More details can be found here: 
Protected Disclosures including Whistleblowing and Infringement Reports