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Central Bank of Ireland Annual Report 2017

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Central Bank of Ireland Annual Report 2017 Central Bank of Ireland Annual Report 2017 centralbank.ie CENTRAL BANK OF IRELAND Annual Report 2017 Table of Contents PART 1 - ANNUAL REPORT The Central Bank Commission 4 Organisation Chart 5 Senior Management 6 Governor’s Foreword 8 2017: The Central Bank at a Glance 11 2017: The Irish Economy at a Glance 12 Chapter 1: Strategic Plan: Review of Implementation 14 Introduction 15 Developments 15 Strategic Responsibilities 16 Strategic Enablers 16 Strategic Risk 17 Trust and Transparency 17 Chapter 2: Key Activities and Developments in 2017 16 18 Price Stability 19 Financial Stability 26 Consumer Protection 34 Supervision and Enforcement 37 Regulatory Policy Development 46 Payments, Settlements and Currency 48 Economic Advice and Statistics 55 Recovery and Resolution 63 People and Knowledge 67 Investment Portfolio Management 70 Information and Resources 74 Communication and Transparency 85 Chapter 3: Governance 92 Appendix 1: Statements and Published Papers by the Bank in 2017 110 Glossary 127 PART 2 Financial Operations 132 Statement of Accounts for year ended 31 December 2017 138 Part 1: Annual Report 3 CENTRAL BANK OF IRELAND Annual Report 2017 The Central Bank Commission Philip R. Lane Governor of the Central Bank (Chair) Alan Ahearne Patricia Byron Blanaid Clarke Sharon Donnery John Fitzgerald Re-appointed Mar 2015 Appointed Jan 2014 Re-appointed Oct 2013 Deputy Governor Re-appointed Oct 2015 for 5 years for 5 years for 5 years Central Banking for 5 years Des Geraghty Derek Moran Ed Sibley Michael Soden Re-appointed Oct 2014 Secretary General Deputy Governor Re-appointed Oct 2014 for 5 years Dept. of Finance Prudential Regulation for 5 years Neil Whoriskey Secretary of the Bank 4 CENTRAL BANK OF IRELAND Annual Report 2017 Central Bank Commission Philip R. Lane (Chairman), Alan Ahearne, Patricia Byron, Blanaid Clarke, Sharon Donnery*, John FitzGerald, Des Geraghty, Derek Moran*, Ed Sibley*, Michael Soden, Neil Whoriskey (Secretary) Governor Philip R. Lane Deputy Governor Chief Operations Deputy Governor Director General Central Banking Officer Prudential Regulation Financial Conduct Sharon Donnery Gerry Quinn Ed Sibley Derville Rowland Corporate Financial Economics & Financial Chief Human Currency Credit Insurance Asset Policy & Securities Consumer Enforcement Affairs Operations Statistics Stability Information Resources & Facilities Institutions Supervision Management Risk~ & Markets Protection Officer Management Supervision Supervision Supervision Bernard Peter Sinnott Mark Cassidy Maurice Kevin Liz Joyce Paul Vacancy Sylvia Cronin Michael Gerry Cross Colm Kincaid Grainne Seána Sheridan McGuire Garland Molumby Hodson McEvoy Cunningham General Financial Irish Economic Financial IT Delivery Human Currency Issue Financial Banking Insurance Asset Financial Risk Securities CP – Enforcement- Secretariat Markets Analysis Stability Resources Control Supervision– Supervision Management & Governance & Markets Supervision Investigations Technology, Currency Supervision Policy Supervision Commun- Payment & Monetary Resolution Delivery & Organisation Production Procurement Insurance - Supervision CP – Policy & Enforcement- ications Securities Policy Operations Banking Inspections Supervisory Securities Authorisations Advisory Settlements Central Credit Development Facilities Regulatory Supervision– Asset Risk & Markets Internal Statistics Register IT Strategy, Management Transactions Inspections Insurance Management Authorisation Anti-Money Audit^ Planning & – Advisory, Authorisations Markets Policy Laundering Research International Architecture Security Project Banking Analytics Securities and Legal and Cross Relations Management Supervision- & Actuarial Policy & Risk Markets – Directorate Information Directorate Office Analysis Services (Horizontal Analytics and Organisa- Projects Market Based Security & Risk Portfolio Team) Risk tional Risk Finance Registry of Credit Unions *Ex-officio ^ Internal Audit Division reports directly to the Governor and reports to the Director of Corporate Affairs only for matters of an administrative or budgetary nature ~ The Policy and Risk Directorate supports the work of both Pillars, Prudential Regulation and Financial Conduct, but is part of the Financial Conduct pillar for administrative purposes 5 CENTRAL BANK OF IRELAND Annual Report 2017 Senior Management Directorate Division/Function* Head Corporate Affairs General Secretariat Neil Whoriskey Director: Communications Jill Forde Bernard Sheridan Internal Audit Joe Foy Legal Eadaoin Rock Organisational Risk Glenn Calverley Special Projects Michael Maher Financial Stability Financial Stability Robert Kelly Director: Resolution Wesley Murphy Maurice McGuire Central Credit Register* Deirdre Walsh International Relations* Valerie Herzberg Market Based Finance* Kitty Moloney Financial Operations Financial Markets Daragh Cronin Director: Payment and Securities Settlement William Molloy Peter Sinnott Economics and Statistics Irish Economic Analysis John Flynn Director: Monetary Policy Gillian Phelan Mark Cassidy Statistics Joe McNeill Research and Cross-Directorate Projects Gerard O’Reilly Information Management and Technology IT Strategy, Planning and Architecture Karina McArdle Director: IT Delivery Louise Dennehy Kevin Garland Technology Delivery and Operations Eoin McDermott Information Security and Risk* David Shaw Currency and Facilities Management Facilities Management* Des Lane Director: Currency Issue Lucy O’Donoghue Paul Molumby Currency Production Tony Duffy Security* Harry Murphy Directorate Portfolio* Michael Enright Human Resources Human Resources Derval McDonagh Director: Organisational Development Karen O’Leary Liz Joyce Operations Financial Control Fergal Power Reporting to: Procurement Michael Power Gerry Quinn, COO Regulatory Transactions Alan Briscoe Project Management Office* John Thompson Credit Institutions Supervision Banking Supervision – Supervision Geraldine Hannon Director: Yvonne Madden** Vacant Banking Supervision – Analysis Adrian Varley Banking Supervision – Inspections Tommy Hannafin Registry of Credit Unions Patrick Casey CONTINUED ** Acting Head of Division 6 CENTRAL BANK OF IRELAND Annual Report 2017 Senior Management Directorate Division/Function* Head Insurance Supervision Insurance – Supervision Marie-Louise Delahunty Director: Insurance – Inspections* Lisa O’Mahony Sylvia Cronin Insurance – Actuarial, Analytics and Advisory Andrew Candland Services Asset Management Supervision Asset Management – Supervision Claire Lanigan Director: Asset Management – Authorisations and Denise Murray Inspections Michael Hodson Policy & Risk Financial Risk and Governance Policy Mary Burke Director: Supervisory Risk Mary-Elizabeth McMunn Gerry Cross Markets Policy Martina Kelly Policy & Risk (Horizontal Team)* Denise Delaney Consumer Protection Consumer Protection – Supervision Helena Mitchell Director: Consumer Protection – Policy and Vacancy Authorisations Gráinne McEvoy Enforcement Enforcement – Investigations Vacancy Director: Enforcement – Advisory Vacancy Seána Cunningham Anti-Money Laundering Domhnall Cullinan Securities and Markets Supervision Securities and Markets – Supervision Patricia Dunne Director: Securities and Markets – Authorisations Brenda O’Neill Colm Kincaid Securities and Markets – Analytics and Risk* Ray Guthrie 7 CENTRAL BANK OF IRELAND Annual Report 2017 FOREWORD by Philip R. Lane, Governor This annual report sets out how we deliver on our mission of safeguarding stability and protecting consumers. It details the breadth of our activities in meeting the goals of the Central Bank’s Strategic Plan for 2016-2018 across our central banking, financial regulation and operations functions. Our commitment to serving the public is demonstrated through our core work. The annual report details our work to safeguard monetary and financial stability, ensure that payment, settlement and currency systems are safe, resilient and efficient, and how we undertake economic analysis, research, data collection and statistical analysis, designed to inform economic policy. It illustrates our assertive risk-based approach to supervision, which is underpinned by credible enforcement action where necessary, and how we aim to ensure that regulated firms act in the best interests of consumers. In terms of some of the major challenges facing the Central Bank in 2017, a priority has been our management of the economic and financial risks arising from Brexit. This included extensive expert analysis and supervisory engagement by divisions across the Central Bank, covering its economics, supervisory, policy, and operational functions. A core element in our consumer protection work is to ensure that violations of our regulatory codes are remediated and to hold to account the regulated firms responsible for such failures. Considerable progress was made during 2017 in advancing the Tracker Mortgage Examination, which is a complex, resource-intensive supervisory review: the end-2017 figures show that lenders had at that point paid €316m in redress and compensation with more to follow. The completion of the examination – including an assessment of the organisational cultures of the main banks – is a high priority for 2018. 8 CENTRAL BANK OF IRELAND Annual Report 2017 FOREWORD BY PHILIP R. LANE, GOVERNOR The ECB’s non-standard monetary policy measures have led to changes in the composition and size of the balance sheets of national central banks. These changes require careful ongoing risk management and the Central Bank has taken prudent steps
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