Compliance Ireland

Compliance Ireland

Compliance Ireland was formally established in January 2004, but informally commenced in mid 2003. It is a private company, but uniquely it writes on, and contributes to, numerous debates in Ireland about corporate governance and compliance on an independent basis. Compliance Ireland is frequently quoted in newspapers[1][2], government reports[3], television[4], radio[5] and Wikipedia[6].

Compliance Ireland has been both a measured critic and supporter of the Financial Regulator and Central Bank since the two entities were loosely joined in 2003 following a wide sweeping regulatory review commenced by Michael McDowell (former T.D, Minister for Justice and Tánaiste) in the late 1990s and published in 2001[7]. In early 2009 the Irish Prime Minister or Taoiseach, Brian Cowen, announced the creation of a new unitary central bank and financial services regulator[8]. The proposed new regulator has been referred to by various names since it was announced. It is expected to be known as the Central Bank of Ireland Commission (CBIC) or similar. The CIBC will replace the Central Bank and Financial Services Authority of Ireland created in 2003, although it did not receive its enforcement powers until 2004. The Minister for Finance, Brian Lenihan, signaled that he would publish a Bill by the end of 2009. As of 31 December 2009 a Bill has yet to be published.

Notwithstanding a lack of a heads of Bill, the Minister has been busy appointing a new Governor (Patrick Honohan)[9] and Head of Financial Regulation (Matthew Elderfield)[10] to spearhead central bank and financial services regulatory reform in Ireland. Governor Honohan commenced his position in October 2009 (taking over from Juhn Hurley) and Mr Elderfield will join the CBIC in early January 2010. A number of significant and senior roles reporting into Mr Elderfield were advertised on 18 December 2009, including three Assistant Director-General roles (Enforcement, Policy & Risk and Markets Supervision)[11] and the Registrar of Credit Unions.

References

  1. ^ http://www.thepost.ie/story/eygbaumhey/
  2. ^ http://www.tribune.ie/article/2009/oct/25/bermudan-must-make-bad-banking-disappear/?q=peter%20oakes
  3. ^ http://www.nhsbsa.nhs.uk/CounterFraud/Documents/International_fraud_and_corruption_report.pdf at page 80
  4. ^ http://www.rte.ie/news/2009/0224/primetime.html
  5. ^ http://www.rte.ie/news/2009/0302/morningireland.html
  6. ^ http://en.wikipedia.org/wiki/Financial_Regulator
  7. ^ http://www.finance.gov.ie/viewdoc.asp?DocID=1332
  8. ^ http://www.rte.ie/news/2009/0228/fiannafail.html
  9. ^ http://www.finance.gov.ie/viewdoc.asp?DocID=5922&CatID=1&StartDate=1+January+2009&m=
  10. ^ http://www.finance.gov.ie/viewdoc.asp?DocID=6021&CatID=1&StartDate=1+January+2009&m=
  11. ^ http://www.independent.ie/business/irish/outsiders-to-get-key-regulatory-positions-1971223.html

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