Thursday, 2 June 2011

Central Bank of Ireland - Annual Report

So the Central Bank of Ireland pushed out their Annual Report and an accompanying Performance Review this week. Few interesting things of note;

Annual Report
  • Introduction of "Risk Governance Panels" for supervisory staff to 'engage with technical experts, risk specialists and senior staff other than those they report to on a day to day basis' - sounds almost like industry sponsored talking shops.
  • Solvency II preparations section seemed very light in content (hosted seminars and workshops, conducted a survey and wrote the Solvency Matters newsletters). However, unlike the FSA, the Solvency II-specific costs are not busted out.
Performance Review
  • 7 less (re)insurance undertakingsver the year
  • Less inspection work but a third more review meetings
  • Already 25 in the policy department from a standing start
  • Another 220 staff to come on board over 2011

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