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ARTICLE · 09 OCTOBER 2012

Funds Quarterly Legal And Regulatory Update 2012

Dillon Eustace
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The Central Bank of Ireland issued a letter to the Irish Funds Industry Association concerning the downgrading of credit ratings for a number of financial institutions by Moodys Investor Services earlier that month.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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UCITS, Non-UCITS & Hedge Funds

(i) Central Bank issues letter regarding Credit Rating requirements to the IFIA

On 29 June 2012, the Central Bank of Ireland (the "Central Bank") issued a letter to the Irish Funds Industry Association ("IFIA") concerning the downgrading of credit ratings for a number of financial institutions by Moodys Investor Services earlier that month. Given the potential impact this may have on the Irish funds industry, the Central Bank has set out its views on inadvertent breaches of the Central Bank's credit ratings requirement. The letter refers to the guidance provided by the Central Bank in their UCITS and Non-UCITS Notices and Guidance Notes, which prescribe ratings requirements for counterparties to;

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