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ARTICLE · 11 JULY 2023

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On 22 June 2023, the Central Bank of Ireland ("Central Bank") published a consultation paper ("CP154") entitled "Consolidated Guidelines in respect of the Central Bank's Administrative Sanctions Procedure".

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1. Central Bank of Ireland Consultation Paper on enhancements to the Administrative Sanctions Procedure

On 22 June 2023,the Central Bank of Ireland ("Central Bank")publisheda consultation paper ("CP154") entitled "Consolidated Guidelines in respect of the Central Bank's Administrative Sanctions Procedure".The guidelines incorporate enhancements to the Administrative Sanctions Procedure ("ASP") required pursuant to Part IIIC of the Central Bank Act 1942 ("1942 Act"), as a result of the enactment of the Central Bank (Individual Accountability Framework) Act 2023 ("IAF Act"), as well as additional safeguards.

Executive Summary to CP154

In the Executive Summary to CP154, the Central Bank notes the following:

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