Financial Services Ireland

Global Regulatory Network Update

Welcome to the newly launched EY Global Regulatory Network briefing, which focuses on some of the key developments shaping our conversations over the coming year.

The briefing paper focuses on:

The completion of post-crisis prudential reform in December 2017 with the approval of the “Basel IV” package; banks are more resilient to a future crisis and more easily resolvable if it occurs but continue to face challenges in the manner in which the Basel reforms are adopted in different jurisdictions and the likelihood of continued high levels of regulatory reform;
The way in which regulation and supervision is adapting to take account of new technology, cyber risk and non-bank competition from FinTech firms;
Increasing focus on individual accountability of senior financial services executives on the back of the extent of the recent bail-out of the banks and the continued emergence of consumer and conduct issues in financial services. The Director General of Financial Conduct in the Central Bank of Ireland recently commented on the likelihood of the introduction of a Senior Managers Regime in Ireland similar to that in the UK in connection with a regulatory Behaviour and Culture review currently underway in the five main banks in Ireland.
In a ‘bail-in’ world, investors’ expectations in relation to good governance, command over data and ability to analyse, and the likely increase in partnering / outsourcing as a key feature of banks’ operating models.

Scroll down to read the briefing in full and if you would like to discuss any of the areas raised, please do not hesitate to get in touch with me or any member of the EY team.

Fidelma Clarke

FS Associate Partner, Risk, Sustainable Finance Lead for Banking & Capital Markets

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Global Regulatory Network Briefing

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