People across Ireland are invited to give their feedback on the shortlisted design proposals for the next series of euro banknotes, unveiled today by the European Central Bank (ECB). These design proposals are based on two different themes – “European culture” and “Rivers and birds” – and on the associated motifs chosen to illustrate them. Now, everyone in Ireland and Europe is invited to have their say following the decision of the ECB’s Governing Council to run an online survey on these ten...
What Changed
- - The ECB has published ten shortlisted design proposals for the next series of euro banknotes, based on the themes “European culture” and “Rivers and birds.”
- The ECB has opened an online public survey to gather feedback on the proposed designs.
- The survey is open until 21 September 2026.
- The ECB Governing Council is expected to make the final design decision around the end of 2026.
- The current publication does not impose any immediate compliance obligation on firms; it is a consultation and design-selection step, not an enacted regulatory rule.
Suggested Considerations
- Review the ECB consultation materials and assess whether your firm has any direct operational exposure to future euro banknote changes.
- Monitor ECB and Central Bank of Ireland updates for the final design decision expected around the end of 2026.
- Prepare internal stakeholder briefings for cash operations, branch operations, payments, customer service, and communications teams on the expected euro banknote redesign timeline.
- If your firm accepts or processes cash, begin a preliminary review of any systems, controls, or vendor dependencies that could be affected by future note specifications, authentication features, or rollout timing.
- Update external messaging and FAQs only after the ECB publishes the final banknote design and implementation details.
Key Dates
- The ECB Governing Council is expected to make the final decision on the new banknote design
- The Central Bank of Ireland publishes the press release encouraging public participation in the ECB consultation
- The public survey on the shortlisted euro banknote designs closes
Compliance Impact
The immediate compliance impact is low, because this is a consultation and not a binding regulatory requirement. The practical impact may become medium later if the ECB’s final decision triggers operational changes for cash-handling, customer communications, ATM calibration, or banknote lifecycle controls.
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
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ECB unveils ten shortlisted design proposals for next series of euro banknotes Europeans invited to have their say in online survey open until 21 September Governing Council expected to select one design proposal around the end of the year The European Central Bank (ECB) today unveiled the shortlisted design proposals for the next series of euro banknotes and launched a public survey inviting people across Europe to provide their feedback. These design proposals are based on two different the...
The ECB has unveiled ten shortlisted design proposals for the next series of euro banknotes and launched an EU‑wide public survey running to 21 September 2026, ahead of a Governing Council decision on the final design around end‑2026. This is the first full redesign since 2002 and will introduce new security, accessibility and environmental features, requiring bank, payments and cash‑handling firms to plan for operational, technical and customer‑facing changes to cash handling, processing and authentication.
What Changed
- - The ECB has published ten shortlisted design proposals for the next series of euro banknotes, based on the two themes “European culture” and “Rivers and birds”.
- An EU‑wide online public survey has been launched to collect feedback on the shortlisted designs, forming part of the ECB’s inclusive approach to banknote design.
- The ECB’s Governing Council will select a single design proposal around the end of 2026, informed by the Design Contest Jury conclusions, technical assessments and survey results.
- The chosen design will undergo further development and testing before production, including integration of new and improved security features.
- The new series of euro banknotes will be introduced into circulation in subsequent years, alongside existing series, which will retain their legal value and continue to circulate.
Suggested Considerations
- Establish an internal project workstream to monitor ECB communications on the banknote redesign and plan for operational impacts on cash handling, ATM networks and merchant devices.
- Conduct a preliminary impact assessment of how new banknote security and design features may affect existing banknote sorting, authentication and recycling equipment, and identify likely upgrade or replacement needs.
- Engage with ATM and cash‑handling hardware vendors to understand expected firmware, sensor and software changes required to support the new banknote series and to secure upgrade slots ahead of issuance.
- Review and update internal cash‑handling and banknote authentication procedures, including staff training materials, to incorporate new design and security features once technical specifications are published.
- Plan customer communications strategies to explain the coexistence of old and new series banknotes, reaffirm the continued validity of previous series, and address any fraud or counterfeiting concerns.
Key Dates
- Expected Governing Council decision on the final design proposal for the new euro banknote series
- Progressive introduction of new‑series euro banknotes into circulation, co‑circulating with existing series which retain value
- Closure of the ECB public online survey on the ten shortlisted euro banknote design proposals
Compliance Impact
Non‑compliance will primarily manifest as operational and conduct risk rather than direct regulatory sanction at this stage, but inadequate preparation could lead to service disruption, increased counterfeit losses, customer detriment and potential supervisory scrutiny over firms’ cash‑handling controls. Early engagement and orderly implementation will be important for banks and payment providers with large cash footprints or critical ATM networks.
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Good morning everyone. I am delighted to be joined this morning by the Tánaiste and Minister for Finance for the launch of a commemorative circulating coin to mark Ireland’s Presidency of the Council of the European Union. The coin will circulate across the euro area, reflecting our place at the heart of Europe and our commitment to the European project. I am also delighted to welcome guests from the Department of Finance and the Department of Foreign Affairs who have been working on preparat...
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Central Bank of Ireland has today (Monday 6 July) launched a new €2 commemorative coin to mark the beginning of the Irish Presidency of the Council of the European Union. The coin was officially launched by Governor Gabriel Makhlouf and Tánaiste and Minister for Finance Simon Harris at a ceremony at the Central Bank today. The Central Bank will mint 500,000 of the special €2 coin and it will be issued into general circulation from tomorrow (Tuesday 7 July). People all over Ireland, and indeed...
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Central Bank of Ireland has today launched a new map showing the location of every ATM and cash service points in the country. The public can now also notify the Central Bank if they believe there is insufficient access to cash in their community. From today (Tuesday 30 June 2026), the public can submit a local deficiency notification through an online form available on the Central Bank's website. The Central Bank will carefully assess each notification, consider the specific circumstances of...
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Good morning. It is a pleasure to welcome you this morning to the Central Bank of Ireland and to the tenth annual Macroprudential Conference, organised jointly with the Deutsche Bundesbank, the Nederlandsche Bank, and the Sveriges Riksbank. Let me begin by thanking the scientific committee for bringing together such a distinguished group of policymakers and researchers, and for developing a programme that is both ambitious and timely. Let me also note that it is the first time the conference ...
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Introduction Good morning, I am delighted to be here and many thanks to Patricia at FSI for the invitation. 1 You have a busy agenda today, discussing some of the key issues currently facing the financial sector and financial regulators. As the title of this conference suggests, we are living through a time of fragmentation; and, as I said earlier this week, this is coming alongside a period of rapid technological transformation. 2 While they say that there is nothing permanent except change ...
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My thanks to the Tánaiste and his Department for the invitation to be here today. I am delighted to take part in this National Financial Literacy Strategy Stakeholder Forum. It is an important event as part of a necessary collaborative approach across public and private stakeholders in delivering Ireland’s National Financial Literacy Strategy – a strategy in which Central Bank of Ireland is proud to participate. As we are here in the oldest continuously operating maternity hospital in the wor...
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Central Bank of Ireland has today (Friday 5 June 2026) published its Annual Report and Annual Performance Statement for 2025 . Speaking on publication of the report, Governor Gabriel Makhlouf said: “2025 was a year of significant uncertainty and adjustment. “Inflation across advanced economies continued to moderate from the highs experienced in previous years. In the euro area, we kept interest rates at levels necessary to ensure that inflation returns sustainably to our 2% target even as geo...
The Central Bank of Ireland (CBI) has published its 2025 Annual Report and Annual Performance Statement, signalling concrete shifts in supervisory approach, consumer protection expectations, and regulatory implementation priorities across digitalisation, financial crime and new EU regimes. For compliance teams in Irish‑authorised firms, this is effectively a roadmap of how CBI will supervise in 2026–2027: enhanced conduct standards under the modernised Consumer Protection Code, intensified focus on financial crime and digital risks (including AI), and more assertive enforcement capacity via a new dedicated prosecutions team.
What Changed
- - The modernised Consumer Protection Code entered into effect in 2025, updating the existing Irish conduct framework to reflect digital delivery of financial services and strengthen protections in...
- Requirements on informing consumers effectively were tightened, implying higher expectations on clear, fair, not misleading disclosures across digital and traditional channels, and more robust...
- New or enhanced obligations concerning consumers in vulnerable circumstances now apply, requiring firms to identify, record and respond to vulnerability and to embed vulnerability considerations into...
- Mortgage switching processes are subject to strengthened conduct standards, increasing expectations on how options are presented, how customers are supported to switch, and how potential conflicts or...
- Insurance auto‑renewal practices are now more tightly controlled, requiring clearer pre‑renewal information, active consent and controls to mitigate consumer detriment from inertia or unsuitable...
Suggested Considerations
- Map the modernised Consumer Protection Code requirements against existing policies, procedures and customer journeys to identify and remediate gaps, particularly in digital channels, disclosure, sales practices and complaints handling.
- Update vulnerable customer policies, customer‑facing procedures, training materials and systems flags to ensure systematic identification, recording and tailored treatment of consumers in vulnerable circumstances.
- Review mortgage switching processes and documentation to ensure customers receive clear, comparative information on switching options, are not subject to unreasonable barriers or retention tactics, and that conflicts of interest are controlled and documented.
- Conduct a comprehensive review of insurance auto‑renewal practices (including communications, timing, consent mechanisms and pricing) and implement changes to align with the strengthened consumer protection expectations.
- Strengthen fraud and scam prevention frameworks by enhancing customer education, warnings, authentication, monitoring, incident response and redress processes, with particular focus on online and mobile channels.
Key Dates
– CBI established a dedicated team to investigate and prosecute offences under financial services legislation
– The modernised Consumer Protection Code came into effect for Irish‑regulated firms
– CBI implemented its new supervisory approach centred on four safeguarding outcomes and reorganised into multi‑disciplinary supervisory teams
– CBI’s Innovation Sandbox focused on combatting financial crime, with seven projects selected on information sharing, identity verification and fraud prevention
– CBI published “Regulating & Supervising well – a more effective and efficient framework,” detailing its simplified and outcomes‑focused regulatory framework
Compliance Impact
Non‑compliance with the modernised Consumer Protection Code, new supervisory expectations, and EU‑level regimes such as MiCA, DORA and the EU AI Act can lead to administrative sanctions, reputational damage, and increasingly, investigation and prosecution by CBI’s dedicated enforcement team. Given the integrated, outcomes‑focused supervisory model, weaknesses in any of conduct, prudential, operational resilience or financial crime controls are more likely to trigger broad‑based supervisory interventions and enforcement scrutiny.
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original CBI source
before acting. Full disclaimer.
BankAsset ManagerPayment Provider In his latest blog, Governor Gabriel Makhlouf writes about the release of the latest Annual Report and Annual Performance Statement. He uses his blog to reflect how the Central Bank delivered on its mandate for the people of Ireland and gives an overview of the economic outlook, summarises achievements and provides an update on the financial position at the end of last year.
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Warning: Unauthorised Banking Business / Unauthorised Payment Services Unauthorised Firm Name Fire Financial Services Limited (CLONE) Website Addresses used • www.financeportfolio.net • www.fire.com.de • www.centralbank.ie.de • www.revenue.ie.de • www.department-of-finance.ie.de Email address used • accounts@compliance-fire.com • fire-support@fire.com.de • fire.support@fire.com.de • support@fire.com.de • fire-eu@fire.com.de • fire@fire.com.de • info@fire.com.de • fireservices@fire.com.de Tele...
The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 about a **clone fraud** entity using the name **Fire Financial Services Limited (CLONE)** and multiple deceptive websites, emails, and phone numbers to conduct unauthorised banking business, payment services, and inheritance scams in Ireland. This notice reinforces existing obligations on regulated firms to monitor and respond to misuse of their identity, enhance scam‑prevention controls, and ensure staff and customers can distinguish between genuine and clone communications.
What Changed
- - CBI has formally identified Fire Financial Services Limited (CLONE) as an unauthorised entity that is not authorised to provide banking business or payment services in Ireland and is misusing the...
- CBI has published specific fraud indicators associated with this clone, including website domains (e.g.
- The warning explicitly states that the clone firm appears to be running an inheritance scam, including the use of fake documentation allegedly from third parties, which should be treated as a red...
- CBI reiterates that there is no connection between the legitimate authorised Fire Financial Services Limited (C58301) and this fraudulent entity, thereby clarifying the status of the genuine firm and...
- The firm’s name is formally published on CBI’s list of unauthorised firms under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, increasing regulatory expectation that firms...
Suggested Considerations
- Review and update internal fraud‑risk and financial crime risk assessments to explicitly cover clone‑firm risks, including inheritance scams and impersonation of authorised entities.
- Integrate the specific domains, email addresses, and phone numbers listed in the CBI notice into fraud‑monitoring tools, allow‑/block‑lists, and case‑management systems, and ensure they are treated as high‑risk indicators.
- Ensure front‑line, call‑centre, and relationship‑management staff receive targeted training and briefing on this specific clone case and on common clone‑firm red flags, including requests related to inheritance payments and use of unofficial domains.
- Enhance onboarding and counterparty due diligence procedures to include systematic checks against the CBI “unauthorised firms” list and the CBI public registers, especially where firms claim Irish regulation or use names similar to existing authorised firms.
- Update third‑party and introducer due diligence controls to verify that any firm referring business or presenting as an intermediary is properly authorised and not listed as unauthorised under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.
Key Dates
- CBI issues and publishes the warning notice identifying Fire Financial Services Limited (CLONE) as an unauthorised firm and clone of the legitimate Fire Financial Services Limited (C58301), and lists it under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Non‑compliance primarily manifests through failures in fraud‑risk management and consumer‑protection controls, potentially leading to regulatory scrutiny, enforcement action, and serious reputational damage if customers suffer losses via clone firms that the institution did not adequately warn about or guard against. Failure to identify and avoid dealings with unauthorised entities can also raise questions about a firm’s governance, due diligence, and adherence to CBI expectations under the Central Bank’s supervisory and enforcement framework.
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
BankFintechPayment Provider Introduction Good morning – I am delighted to be here, and many thanks to Brian and the BPFI for hosting us. 1 I very much look forward to the discussion, and to hearing from you all today, but before I do I would like to set out some reflections on a number of topics which are currently high on the regulatory agenda. While the discussion is multifaceted, and tied up with a regulatory cycle which has turned, an economic one which has become more challenging, not to mention a renewed focus by ...
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Central Bank loan-level research shows the Irish lending market is significantly less concentrated when considering the full diversity of lenders. Robust capital and liquidity positions have served the sector well – with the evidence not supporting a lowering of overall levels of resilience on the basis of bank credit, profitability or international competitiveness. Central Banks best serve these broader objectives related to productivity and growth by delivering on their core mandates, effec...
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I was in Washington for the Spring Meetings of the International Monetary Fund (IMF) two weeks ago and this week I was in Frankfurt at the latest meeting of the ECB Governing Council, to decide interest rates to achieve our price stability target of 2 per cent inflation over the medium term. I wanted to use this blog to offer some reflections on both meetings. Inevitably the war in the Middle East cast a shadow over both meetings. Uncertainty about the global outlook dominated the discourse: ...
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Safeguarding Financial Integrity – Central Bank of Ireland’s Approach to Financial Crime Prevention Thank you for the invitation to speak at today’s event. This is an important opportunity for us to engage and share our experiences and approaches to deal with the global challenges and issues we are facing in financial crime. Change, instability, flux, unpredictability - all words that I guarantee you will hear on multiple occasions throughout the day’s events. I will not be any different. We ...
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Good morning. Brendan, thank you for the warm introduction. It is a pleasure to join you at the ILCU Internal Audit Services Conference. I also want to thank Barry Harrington for the invitation to address you here today. 1 When I addressed the ILCU Annual Conference last April, I spoke about a time of transformative change for credit unions, a period that would bring both significant opportunities and important challenges. 2 One year on, we can see that transformation taking shape. A revised ...
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More than one in three Irish adults (35%) have experienced fraud or scams. 38% of fraud victims never reported their experience to their financial service provider or any authority. Research identified risky online behaviours as the single strongest predictor of fraud experience—more influential than age, income, or education level. Fraud victims are far more likely to recover monies when the fraud is reported. Fraud literacy reduces predicted fraud exposure Central Bank of Ireland of Ireland...
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In his latest blog, Governor Gabriel Makhlouf argues that central banks must modernise their digital infrastructure and regulatory frameworks to ensure that central bank money remains the stable foundation of Europe's financial system whilst enabling private sector innovation in a digitally transformed ecosystem.
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Good afternoon and welcome to this Central Bank of Ireland workshop on the Consumer Protection Code. Today I will focus on the outlook for consumers and investors. But first let me pause to talk a little about the broader context in which we find ourselves. We are living through a period marked by extraordinary change, geopolitical instability, rapid technological transformation and shifting economic conditions. Governor Makhlouf summarised this well when he said how 2026 has already seen ext...
Deputy Governor Colm Kincaid's speech on 24 March 2026 emphasizes consumer protection as central to the Central Bank of Ireland's (CBI) mission amid geopolitical, technological, and economic changes, highlighting the revised **Consumer Protection Code 2025** (CPC 2025) as a key modernization effort. This matters for compliance professionals because the CPC 2025 introduces enhanced, digitally-focused protections effective **24 March 2026**, replacing the 2012 Code after a 12-month implementation period, with firms required to proactively secure customer interests.
What Changed
- The CPC 2025 comprises Standards for Business Regulations (governance, resources, risk management, conduct standards) and Consumer Protection Regulations (cross-sectoral and sector-specific rules for...
- Core obligation: Firms must "secure customers’ interests," shifting to a proactive, customer-focused mindset.
- Cross-sectoral requirements: Knowing the consumer/suitability; conflicts of interest/remuneration; vulnerable consumers (updated definition); digitalisation (customer-focused design); effective...
- Specific enhancements: Fraud/scam protections; mortgage switching disclosures; greenwashing prevention via clear sustainability claims; expanded consumer definition (e.g., SMEs up to €5m turnover...
- Supporting materials: Guidance on securing interests/vulnerable consumers, mapping tool for legacy codes, redline amendments.
Suggested Considerations
- Gap analysis: Map current policies/processes against CPC 2025 using CBI's mapping tool; update for new obligations like digital service design, vulnerability screening, fraud measures.
- Policy/system updates: Implement "secure customers’ interests" framework; enhance disclosures (e.g., mortgages, charges, unregulated activities); train staff on conduct standards/vulnerable consumers.
- Governance/risk: Strengthen board oversight, risk management for cyber/fraud/digital risks; distinguish regulated/unregulated activities.
- Testing/monitoring: Develop records/compliance systems; test advertising/bundling; integrate sustainability claims checks.
- Stakeholder engagement: Review CBI guidance/FAQs; prepare for supervision during implementation.
Key Dates
- CBI publishes revised CPC 2025, Standards for Business Regulations, Consumer Protection Regulations, and guidance
- CPC 2025 takes effect; existing 2012 Code ceases (12-month implementation period ends)
- 2012 Code (with addenda) remains in force
Compliance Impact
Urgency: High – With effectiveness today (24 March 2026), firms face immediate non-compliance risk as the 12-month window closes; CBI supervision will intensify on digital/fraud/vulnerability protections amid heightened risks (e.g., cyber, scams). Non-adherence risks enforcement under CBI's powers, reputational damage, and fines, especially as this "gold-plates" EU rules in a volatile environment.
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
BankInsurancePayment Provider Central Bank of Ireland today published a Discussion Paper examining the potential role of Distributed Ledger Technology (DLT) and tokenisation in the financial system . Deputy Governor Vasileios Madouros, commenting on the publication, said: “Distributed ledger technology and tokenisation have the potential to transform how financial services are delivered. We believe this technology, if enabled and deployed correctly, can change the financial system for the better, including by helping the ...
The Central Bank of Ireland (CBI) has launched Discussion Paper 12 (DP12) on Distributed Ledger Technology (DLT) and tokenisation in financial services to explore their transformative potential in areas like markets, funds, payments, and money, while assessing opportunities, risks, and enablers such as legal clarity and interoperability. This matters for compliance professionals as it signals CBI's proactive stance on integrating these technologies into a resilient financial system, aligning with EU ambitions like the Savings and Investment Union, and invites stakeholder input to shape future policy without proposing immediate rules. (Source: https://www.centralbank.ie/news/article/press-release-discussion-paper-tokenisation-and-distributed-ledger-technology-in-financial-services-5-march-26 [publication]; https://www.arthurcox.com/insights/central-bank-issues-discussion-paper-on-dlt-tokenisation-in-financial-services/ )
What Changed
This is a non-binding discussion paper, not a regulatory change or new requirement; it poses 16 questions on topics including legal recognition of tokenised instruments, governance, infrastructure, funds (e.g., tokenised MMFs and ETFs), payments, and risks like operational resilience and interoperability. It highlights needs for policy intervention to avoid fragmented "walled gardens," ensure central bank money's role, and address challenges in fractionalisation, transparency, and settlement finality, but no mandates are imposed yet.
Suggested Considerations
- Review DP12 (PDF available via CBI site) and prepare/ submit responses to the 16 questions by 5 June 2026, focusing on legal clarity, risks, funds tokenisation, and enablers like interoperability.
- Engage in CBI's structured stakeholder dialogues to influence future frameworks.
- Assess internal DLT/tokenisation pilots or plans against discussed risks (e.g., operational resilience, scalability) and opportunities (e.g., fractional ownership, 24/7 liquidity).
Key Dates
- Deadline for stakeholder submissions responding to the 16 questions in DP12
5 June 2026; - CBI to publish a feedback statement assessing responses and existing policy fit. (Source: https://www.centralbank.ie/news/article/press-release-discussion-paper-tokenisation-and-distributed-ledger-technology-in-financial-services-5-march-26 [publication]; https://www.arthurcox.com/insights/central-bank-issues-discussion-paper-on-dlt-tokenisation-in-financial-services/ )
Compliance Impact
Urgency: Medium – This consultative paper poses no immediate rules but represents a key opportunity to shape emerging DLT/tokenisation regulation amid CBI's 2026 priorities on tech-driven transformations and resilience; inaction risks missing input on critical enablers like legal finality for tokens, potentially leading to stricter future requirements misaligned with firm needs. It aligns with broader EU/BIS pushes (e.g., MiCA, tokenized reserves), amplifying relevance for firms in funds, payments, and crypto.
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
New OECD report highlights financial scams as top threat to consumers globally Deputy Governor of the Central Bank of Ireland Colm Kincaid welcomed the publication of the OECD’s Consumer Finance Risk Monitor 2026 , a comprehensive global assessment examining consumer protection challenges across 60 international jurisdictions. Deputy Governor Kincaid emphasised the need for strengthened oversight as structural economic, technological and market-conduct risks converge to significantly elevate ...
BankFintechPayment Provider
In his latest blog, the Governor Gabriel Makhlouf reflects on the publication of the Regulatory and Supervisory Outlook 2026 and the recent Access to Cash report.
BankPayment Provider
The Central Bank of Ireland has today (24 February) published its first quarterly Access to Cash report . The Finance (Provision of Access to Cash Infrastructure) Act 2025 has put in place a framework to ensure sufficient and effective access to cash across the State. Today’s report uses newly collected data to show the number, location and opening hours of ATMs and cash service points across eight geographical regions in Ireland, as of 31 December 2025. The Minister for Finance set the acces...
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It is a pleasure to be here in Oxford 1 While I’m aware that this is a school of government and I’m a central banker, the two are inextricably linked. Societies and indeed economies are shaped by their institutions, specifically the legal, social, cultural, formal and informal norms that impact the way citizens interact with each other. Successful institutions are those that are trusted by the societies that created them and for which they ultimately serve. Today I am going to resist the oppo...
Governor Gabriel Makhlouf's speech at the Blavatnik School of Government addresses central bank independence as a foundational institutional mechanism for delivering price stability and economic prosperity, rather than as a shield from accountability. The speech is not a regulatory enforcement action or new requirement, but rather a governance statement clarifying the Central Bank of Ireland's institutional philosophy on independence, credibility, and accountability—matters that directly affect how the CBI exercises supervisory discretion over regulated firms.
What Changed
- This is not a regulatory change document but a governance clarification with compliance implications:
- Reframing of independence: Central bank independence is characterized as an "anchor" enabling long-term decision-making rather than isolation from society.
- Credibility framework: Credibility depends on competence, engagement, coherence, and public trust—not institutional distance alone.
- Accountability emphasis: Independence requires continuous dialogue with society and other economic governance institutions; it "does not mean isolation."
- Historical validation: The speech references the 1960s-1970s macroeconomic instability under political pressure versus post-pandemic effectiveness of credible central banks in controlling inflation.
Suggested Considerations
- *Understand CBI decision-making philosophy: Recognize that CBI supervisory decisions are grounded in long-term economic stability objectives, not short-term political cycles.
- *Align governance with credibility principles: The speech identifies four credibility pillars—competence, engagement, coherence, and public trust. Regulated firms should ensure their governance frameworks reflect these principles in their own operations.
- *Monitor 2026 supervisory priorities: The speech references CBI's published 2026 Regulatory and Supervisory Priorities, which include maintaining resilience to geopolitical risks, securing consumer and investor interests, and delivering new responsibilities under Access to Cash legislation.
Key Dates
- Ireland assumes EU Council Presidency; CBI will support government during this period
- CBI published its 2026 Regulatory and Supervisory Priorities, which establish the operational framework within which this governance philosophy applies
- This speech delivered, reinforcing institutional independence principles
Compliance Impact
Urgency: MEDIUM
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
BankAsset ManagerPayment Provider Central Bank of Ireland and Banca d’Italia are launching the Innovation Data Challenge 2026, a joint initiative designed to foster cutting-edge research and innovation in the retail payments sector. The Challenge reflects the shared commitment of the two Institutions to promoting applied research, international collaboration, and the responsible use of data and technology to shape the future of payments. The initiative brings together leading Irish and Italian universities, including Universi...
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In this blog, Governor Gabriel Makhlouf writes about the development of the Digital Euro and how central banks foster trust and safety in the financial system and in the implementation of projects like the Digital Euro.
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The Central Bank of Ireland has today (5 December) launched a public consultation on the implementation of our new Access to Cash responsibilities. Deputy Governor Vasileios Madouros said: “Amid a rapidly evolving payments landscape, the Central Bank of Ireland is committed to making sure that cash continues to be readily available as a means of payment. Today’s consultation is an important step towards the implementation of the Central Bank’s new responsibilities under the Access to Cash leg...
The Central Bank of Ireland has launched a public consultation on implementing new **Access to Cash** responsibilities under the Finance (Provision of Access to Cash Infrastructure) Act 2025, which commenced on 30 June 2025. This consultation addresses two critical areas: identifying local deficiencies in cash infrastructure and establishing minimum ATM service standards. The initiative reflects regulatory commitment to ensuring cash remains readily available as payment preferences shift toward digital channels.
What Changed
- The consultation covers two primary regulatory components:
1. Local Deficiency Guidelines
The Central Bank will establish procedures for identifying geographical areas where individuals and SMEs...
- Hours of ATM availability
- Cash withdrawal limits
- Banknote denomination stocking requirements
- Maximum ATM unavailability periods
Suggested Considerations
- *For designated credit institutions:
- Monitor consultation developments and prepare for compliance with minimum cash infrastructure maintenance levels once regulations are finalized
- Prepare to provide quarterly data on ATM numbers, locations, and availability hours
- *For ATM operators:
- Engage with the consultation process to provide feedback on proposed service standards
Key Dates
– Finance (Provision of Access to Cash Infrastructure) Act 2025 commenced
– Public consultation period for local deficiency guidelines and ATM service standards
– First publication of quarterly cash infrastructure data expected
– Central Bank to publish final ATM service standards regulations
– Direct engagement with consumers, people with disabilities, older people, and SMEs
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
BankPayment Provider
The Central Bank of Ireland has fined Coinbase Europe Limited €21,464,734 for breaching its anti-money laundering and counter terrorist financing transaction monitoring obligations between 2021 and 2025. The Central Bank of Ireland (the Central Bank) has fined Coinbase Europe Limited (Coinbase Europe) €21,464,734 for breaching its anti-money laundering (AML) and combatting terrorist financing (CFT) obligations with respect to transaction monitoring as required by the Criminal Justice (Money L...
The Central Bank of Ireland (CBI) fined Coinbase Europe Limited €21,464,734 for AML/CFT transaction monitoring failures under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010), involving over 30 million unmonitored transactions worth €176 billion from April 2021 to March 2025. This marks CBI's first enforcement against a crypto firm, highlighting regulators' focus on robust real-time monitoring and timely Suspicious Transaction Reporting (STR) for virtual asset service providers (VASPs). It matters as it sets a precedent for EU crypto compliance amid MiCA and AMLA implementation, signaling increased scrutiny and potential multimillion-euro penalties for similar lapses.
What Changed
This is an enforcement action, not new legislation, but it reinforces existing CJA 2010 requirements for VASPs: ongoing transaction monitoring, immediate STR filing to the Financial Intelligence Unit (FIU) and Revenue Commissioners upon suspicion of money laundering or terrorist financing, and adoption of internal policies/controls to prevent/detect financial crime.
Suggested Considerations
- Conduct Gap Analysis: Review transaction monitoring systems for configuration errors, back-testing historical data, and ensuring 100% coverage of high-risk transactions.
- Enhance Controls: Implement robust internal policies, automated alerts, and governance to detect/prevent ML/TF; test systems regularly for faults affecting >1% of volume.
- Accelerate STR Processes: Ensure real-time suspicion flagging and filing; remediate delays via prioritized back-monitoring with FIU coordination.
- Board/Compliance Reporting: Document remediation plans, as Coinbase did, and prepare for audits/enforcement; train staff on VASP-specific risks under MiCA/AMLA.
- Third-Party Review: Engage independent auditors to validate fixes, mirroring Coinbase's post-error cooperation.
Key Dates
19 March 2025; Period of breaches, including 12-month window of unmonitored €176 billion transactions
Settlement reached between CBI and Coinbase Europe
CBI public announcement and Settlement Notice published
High Court confirmed sanctions, making them final and effective
Compliance Impact
Urgency: High – This establishes a €21.5m benchmark for VASP monitoring failures in the EU, with risks amplified by MiCA (effective 2024) and AMLA (2025 onward), where national regulators like CBI will enforce harmonized rules. Firms risk similar fines (30% settlement discount possible), reputational damage, and operational restrictions if unmonitored volumes exceed 1-5%; immediate reviews are essential given CBI's precedent and cross-EU applicability.
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
Crypto ExchangeFintechPayment Provider
Clearbnk (Clone) – Central Bank of Ireland Issues Warning on Unauthorised Firm
BankFintech
GasTrade - Central Bank of Ireland Issues Warning on Unauthorised Firm
FintechPayment ProviderCrypto Exchange
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