The Central Bank may serve notice on a bank or related business to provide a report on specified matters related to regulation. This is for the purpose of proper and effective regulation.\u00a0The Central Bank must consider the adequacy of its powers for investigation and the knowledge and expertise available.<\/p>\n
Notices to regulated entities may specify deadlines for completion of reports by a nominated reviewer. The costs are borne by the entity reviewed, and the reviewer provides assistance to the Central Bank regarding the report.<\/p>\n
The Central Bank may serve notice on a bank’s auditor to conduct an examination or provide a statement on the bank’s compliance with obligations. These requirements are specified based on the nature, scale, and complexity of the activities and conform to internationally recognised standards.<\/p>\n
The Central Bank enjoys extensive immunity from litigation in its regulatory functions, ensuring its actions do not grant third parties any right of action due to failures in exercising supervisory powers in regulation, licensing, and supervision.<\/p>\n\n
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Regulatory Powers The Central Bank has broad regulatory powers over financial service providers, encompassing risk management, internal procedures, accounting, auditing, client provision of services, information disclosure, customer dealings, loan information, protection of money, insolvency events, and effective complaint mechanisms. Before making rules, the bank must consult with the Department of Finance. Using this power, the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[49],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/611"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=611"}],"version-history":[{"count":7,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/611\/revisions"}],"predecessor-version":[{"id":29792,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/611\/revisions\/29792"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}