RegSol Blog

CP136 Consultation on Enhancing our Engagement with Stakeholders

February 2021

This paper invites submissions from parties by 11th of May 2021 in relation to how the Central Bank of Ireland can enhance the methods by which it engages with its stakeholders.

The Central Bank would like to increase their transparency with stakeholders and to build a listening organisation. The paper notes “COVID-19 has created some new opportunities to reach out to business and community representatives across the country, to meet the Central Bank’s stated aim of ensuring its relevance to and engagement with individuals and organisations based throughout Ireland.”

Who are the stakeholders? They include: the government, other state agencies, the European Supervisory authorities, civil society, consumer representatives, regulated firms, industry representative groups and business representatives.

The are 4 proposals in the paper:
  1. To build on existing arrangements (Civil Society Roundtable and Consumer Advisory Group) and improve engagement with consumers and users of financial services.
  2. Formalise the existing industry roundtables by hosting a senior level, cross-sectoral industry stakeholder forum.
  3. Provide an opportunity for the Central Bank to engage with industry, civil society, consumer, and business representatives at the same time, it is proposed that the Central Bank will host a public Financial System Conference in 2022.
  4. To enhance our engagement with business and “real economy” representatives.
Each proposal together with a list of questions and details on how to make a submission can be found by clicking HERE.

By Eilish Larkin
Compliance Consultant