Central Bank appoints external reviewer for independent review of its enforcement activities

Central Bank of Ireland has commissioned an independent review of its enforcement activities.

Enforcement is a core component of the Central Bank's regulatory framework. It supports credible deterrence and accountability, promotes high standards of conduct and, through transparent outcomes, supports trust and confidence in the financial system.

The financial system has become larger, more complex and more interconnected over the last decade. The regulatory and legislative framework has also evolved significantly, alongside changes to the Central Bank's approach to regulation and supervision and to its enforcement framework and processes.

Against this background, Governor Gabriel Makhlouf has decided that it is timely to undertake an independent review of the effectiveness and efficiency of the Central Bank's enforcement activities.

The review will be led by Josephine Feehily, former Chair of the Revenue Commissioners and first Chair of the Policing Authority.

The review will consider the performance of the Central Bank's enforcement activities and the role of enforcement within the wider supervisory framework. It will examine structures and processes for enforcement activity and decision-making; case-selection criteria and processes; timeliness; and transparency for the public, firms and individuals who may be impacted. It will have regard to best practice by regulators performing similar functions domestically and internationally and applicable international standards and principles.

To support the review, Ms Feehily will engage with senior management and staff across the Central Bank and with external stakeholders as considered necessary.

A report, including recommendations, will be provided to the Governor and will be published in due course.

ENDS

Further Information

Media Relations: media@centralbank.ie

Notes to Editors

View the Terms of Reference (PDF 105.58KB) for the Review

Biography - Josephine Feehily

Josephine Feehily has over 20 years’ experience at the most senior levels in the Irish public service.

During her career she held a wide range of positions including leading the Office of the Revenue Commissioners, – the Irish Tax and Customs agency – recognised as one of the most agile and digitally enabled public bodies. In Revenue, she was Commissioner from 1998 and executive Chairman from 2008 to 2015. During her Revenue career, Josephine was Chair of the World Customs Organisation and Chair of the OECD Forum for Tax Administration – a forum of leaders of advanced Tax Authorities.  In these various roles, she interacted with Ministers, the most senior ranks of the public service, business leaders and international bodies and gained a deep understanding of the issues facing Government decision-makers and businesses.

More recently, as part of a suite of reform measures in the Justice sector, she established and chaired the first Policing Authority in Ireland, to oversee the performance by the Garda Síochána of its policing functions and to make senior Garda appointments independent of Government.  She was Chair of the Pensions Commission established by Government to review aspects of Ireland’s State pension system and the sustainability of the Social Insurance Fund.

Currently, Josephine is Chair of the Governing Body of the Technological University of the Shannon, a member of the External Oversight Body of the Defence Forces and a board member of the Foundation for Fiscal Studies.