The measures form part of the Central Bank’s wider multi-year programme targeting a €75 million reduction in projected expenditure to 2030, with the majority to be achieved through non-pay measures.
Commenting on the announcement, Brian Hayes, Chief Executive, BPFI, stated:
“BPFI welcomes today’s announcement as a positive step towards ensuring the Central Bank is as efficient, agile and responsive as possible. At a time when there is a strong focus both in Ireland and across Europe on simplification and competitiveness, it is important that this ambition is reflected across the regulatory system. A strong and effective regulator remains essential, but this must go hand in hand with a continued focus on efficiency, proportionality and ensuring the regulatory framework supports Ireland’s competitiveness as a financial services centre.”
