IRELAND: Central Bank publishes consultation on CRD IV and CRR

Monday September 23 2013

The Central Bank of Ireland has published a consultation paper on Competent Authority Discretions and Options in the Capital Requirements Directive IV (CRD IV) and Capital Requirements Regulation (CRR).

CRD IV and CRR represent the European Union’s (EU) implementation of Basel III. CRD IV and CRR were agreed and finalised under the Irish Presidency of the Council of the EU January-June 2013.

The consultation paper signals the Central Bank of Ireland’s proposed approach and perspectives in relation to provisions contained within CRD IV and CRR where the competent authority can or must exercise its discretion. The Paper encompasses competent authority discretions and options that may apply to either specifically or generally to credit institutions and investment firms (collectively referred to as ‘institutions’), as well as those specific to either credit institutions or investment firms.

The Consultation Paper does not include discretions and options allocated to the Member State in CRD IV and CRR. The Central Bank has stated that decisions on these are a matter for the Department of Finance.

Due to the short period of time between the finalisation of the legal texts and the date of application of CRD IV and CRR (1 January 2014), the Paper will be subject to an abridged comment period of six weeks, in accordance with the Central Bank of Ireland’s Consultation Protocol.

Submissions are invited from interested parties by 1 November 2013.

Click on the above link for more details.