IMF calls for changes in regulatory framework

Beefing up staff numbers in the Central Bank, removing the possibility of political interference in financial sector regulation, and making more on-site inspections are just some of the recommendations contained in the International Monetary Fund’s report on Ireland.

The assessment of Ireland’s regulatory framework was carried out in September by a team from the IMF. It is done on a voluntary basis and the recommendations are not legally binding.

Overall, the IMF noted that the Central Bank “has taken substantive steps to rebuild its reputation and functions in financial regulation and supervision”.