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ARTICLE · 07 AUGUST 2026

Central Bank Enforcement: Independent Review Announced

William Fry LLP
William Fry LLP
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William Fry LLP

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The Central Bank of Ireland has commissioned an independent review of its enforcement activities, led by former Revenue Commissioners Chair Josephine Feehily, following judicial criticism of its processes and significant structural changes in the financial system. The review will examine the effectiveness, efficiency, and transparency of enforcement operations, with recommendations due by January 2027 that could reshape regulatory practice for years to come.

IrelandFinance and Banking
Shane Kelleher
Shane Kelleher
Louise McNabola
Louise McNabola
Jamie Mac Uiginn
Jamie Mac Uiginn
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On 22 July 2026, the Central Bank of Ireland (Central Bank) announced that it had commissioned an independent review of the effectiveness and efficiency of its enforcement activities.

The review will be led by Josephine Feehily, former Chair of the Revenue Commissioners and first Chair of the Policing Authority. Terms of reference (ToR) were published alongside the announcement. Ms Feehily is to provide a report, including recommendations, to Governor Gabriel Makhlouf by 31 January 2027, and the Central Bank has confirmed that the report will be published in due course.

Background to the Review

The Central Bank frames the review as a response to structural change. The ToR record that the financial system has become larger, more complex and more interconnected over the last decade, and that regulated firms and individuals are now subject to more robust requirements on governance, conduct, operational resilience, consumer protection and accountability. The Central Bank’s own

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