Central Bank of Ireland

Central Bank of Ireland announces the appointment of Karen O'Leary to the role of Director of Currency, Workplace & Regulatory Services. Ms O’Leary, who takes up her role in March, will be a member of the Central Bank’s senior leadership team and will be responsible for overseeing the provision of essential regulatory services as part of our broader regulatory mandate; ensuring the delivery of the Central Bank's currency services; and playing a crucial role in steering the Cash Centre Strategy, including the development and delivery of a new Cash Centre which is a critical piece of State infrastructure. Announcing the appointment, Governor Gabriel Makhlouf said: “I am delighted to announce the appointment of Karen O’Leary to the role of Director of Currency, Workplace & Regulatory Services. This appointment is testament to the strength of our existing leadership team. I am delighted to have appointed Karen to take on this important position, contributing to the Central Bank’s Strategy, which aims to ensure that in delivering our mandate, our direction and ambitions are responsive and forward looking.” Governor Makhlouf also thanked Bernard Sheridan , outgoing Director of Currency, Workplace & Regulatory Services who is retiring after many years in the Central Bank.

📊 Out today is our revised Quarterly Financial Accounts (QFA) release which presents a complete and consistent set of quarterly financial data for all sectors of the Irish economy. The release now contains a new net lending and borrowing chart showing the positive flows of financial transactions between the four main sectors in the Irish economy. It shows that Irish financial corporations reported a lending position of €5.7bn, comprising of €27bn to the rest of world and a net borrowing position from all other domestic sectors (€21.3bn). To find out more see: https://lnkd.in/d9TX5KXh #stats #data #economy

 🎥 We asked the people of Kilkenny their views on the complexity of financial products. From loans to mortgages, how easy do you think financial products are to understand? If you are thinking of taking out a financial product this year, our Consumer Hub has lots of useful information to help inform your decision. Link in comments to Consumer Hub and to watch previous Word on the Street videos. #WordOnTheStreet #PublicOpinion #FinancialLiteracy

The Digital Operational Resilience Act (#DORA) takes effect today, 17 January 2025, and applies to a wide range of financial entities regulated by Central Bank of Ireland. DORA responds to the need to provide harmonised rules supporting the digital operational resilience of individual financial entities and the financial system as a whole, including a new framework for the oversight of those ICT third party providers which are critical to the European financial system. It represents the culmination of efforts and close collaboration of the European Legislature, European Supervisory Authorities, National Authorities, and financial industry participants to ensure that the financial system continues to operate in the best interests of consumers and the wider economy in an environment of ever-increasing dependence on information and communications technology. For more information see: https://lnkd.in/etZjJJ-G

⚠️ With flooding events in Ireland likely to increase in frequency and severity due to climate change, our latest Behind the Data article “Measuring Flood Risk in Business Lending” describes – for the first time – the share of business bank loans potentially affected by flooding. ➡️ By comparing business loan-level data to geocoded flooding maps from the Office of Public Works (OPW) our researchers show that nationally, the share of loan volumes potentially exposed in each county is 5.1%. However, there is considerable heterogeneity across counties and some key areas of higher risk, including Clare (13.4% of loan volumes), Cork (12.7%), Limerick (12.1%), Louth (10.4%) and Kerry (6.9%). ➡️ Looking at loan value, the national share of loans at risk is 6.3%, but again there is considerable heterogeneity and acute vulnerabilities by county with Cork (13% of loan value), followed by Wicklow (12%), Louth (9.9%), Limerick (8.7%), Clare (8.4%), and Dublin (7.2%).   ➡️ Using the OPW’s current mid-range, and high-end future scenarios the authors also quantify future changes in risk. Taking the share of loans by volume, flood risk increases from 5.1% nationally (today) to 8.3% (mid-range scenario) and 9.9% (high-end). Meanwhile, taking loans by share of value, national flood risk increases from 6.3% (today) to 13% (mid-range) and 16% (high-end). ➡️ According to the report’s authors, the findings highlight how flood risk could affect future business credit access and terms, with associated implications for business growth and medium term viability and demonstrates “the urgent need” for continued flood adaptation measures. 🔗 Link to full article in the comments section below. 👇

🌍 Today, we publish the latest edition of our Climate Observatory report which provides an annual update of climate-related metrics for the economy and financial sector. This report includes: 💹 An overview of global trends and projections relating to climate events and their impacts, plus an assessment of global policy and mitigation progress. 🏛️ Insights into climate risks for banks, insurers and funds using climate-aligned financial sector data. 🌲 An update on the progress and challenges in relation to achieving national decarbonisation goals. ✔️ Data relating to Central Bank of Ireland's own emissions from our operations and investment activities. 📗 An overview of developments in national policy and sustainable finance, trends in environmental, social and governance (ESG) terminology and an assessment of the flood protection gap in Ireland. 🔗 You can read the full report via the link in the comments section below. #climatechange #esg #netzero 

ICYMI – We marked Nollaig na mBan this week with an event focusing on complex challenges in a complex world and the role of diversity in addressing these challenges. The event was hosted by Mary-Elizabeth McMunn (Deputy Governor, Financial Regulation). With thanks to our panellists Emma Cunningham (Assistant Secretary General in the Department of Finance Ireland), Emma Howard (Chair of the Irish Society for Women in Economics) Gina Fitzgerald (Alternate Executive Director of the International Monetary Fund), Mary O'Dea (CEO at the IOB) and Sharon Donnery (who joined us in her new role as European Central Bank representative to the Supervisory Board) for their valuable insights and contributions. #NollaigNaMban

Central Bank of Ireland today announces the companies chosen to participate in our first Innovation Sandbox Programme, which is on the theme of Combatting Financial Crime. The selected participant companies are: ➡️ AMLYZE ➡️ Expleo Group ➡️ Forward Emphasis and Pasabi ➡️ Roseman Labs ➡️ Sedicii and PTSB ➡️ TrustElevate.com  ➡️ Vidos These companies represent a diverse spectrum of innovators employing new technologies and methods to tackle financial crime. We look forward to working with them as part of the Sandbox Programme to develop innovative solutions that will benefit both the financial system and consumers. You can find out more about the Innovation Sandbox Programme and our participant companies here: https://lnkd.in/eg4ABdrc #innovation

🎄🎅 Season’s greetings from Central Bank of Ireland. Beannachtaí na séasúr ó Bhanc Ceannais na hÉireann.

We have just published our latest Quarterly Bulletin (QB), which contains our projections for the Irish economy. Watch Robert Kelly, Director of Economics & Statistics, talk about: 📈 The outlook for the Irish economy. ❓The risk for the Irish economy with the possibility of global trade tensions rising. 📊 Long-term economic growth for Ireland. A link to the QB is in the comments section below 👇.