Central Bank of Ireland Annual Report and Annual Performance Statement 2022-2023
June 2023On 24th May 2023, the Central Bank of Ireland (“CBI”) published its Annual Report and Annual Performance Statement 2022-2023. The report provides an overview of activities and work completed by the CBI in 2022, as well as outlining key priorities for 2023.
Authorisation Activity In 2022, the CBI received a high volume of new applications for various types of authorisations.
The investment fund sector continued to grow in scale and complexity with a significant volume of funds (744) and fund service provider (23) authorisations in 2022.
4 Virtual Asset Service providers (“VASPs”) were registered in 2022.
2022 also saw the CBI being authorisation processes for providers of hire purchase, buy-now-pay-later and consumer hires, as well as introducing new requirements for high cost credit providers.
233 applications for retail intermediary/brokers were approved.
2023 Key Priorities In the near term, we can expect to see a feedback statement following the Discussion Paper on the Consumer Protection Code, followed by a consultation paper. The review of how the Innovation Hub is functioning will begin (that is also a key deliverable under the Government's updated 'Ireland for Finance' strategy).
The key priorities remain consistent with those signposted in detail by the Central Bank ‘Dear CEO’ letter to all regulated firms. See our published blogpost
here The Full Annual Report and Annual Performance Statement can be found
here