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Ireland Central Bank To Pass Regulation Costs To Firms

Law360, London (June 14, 2019, 6:25 PM BST) -- The Central Bank of Ireland issued fresh guidance Friday on plans to pass the annual bill of regulating the financial services industry to banks and insurance companies by 2024.

The regulator announced it had agreed to a new approach to fund the cost of financial regulation in Ireland, agreeing to a package with the government’s Department of Finance that will “reduce and ultimately eliminate” the amount the Irish taxpayer pays toward policing the sector through a phased increase of levies.

Although the country's biggest banks all stump up the full cost of their regulation and supervision via levies, hundreds of other institutions,...

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