Brexit applications to Central Bank at ‘very significant’ level

Ongoing need to ‘reprioritise business as usual’ work, minutes from regulator show

Central Bank: warned it was dealing with an unprecedented volume of applications for licences to operate in the Republic. Photograph: Alan Betson

Central Bank: warned it was dealing with an unprecedented volume of applications for licences to operate in the Republic. Photograph: Alan Betson

 

Brexit-related applications to the Central Bank of Ireland for authorisation are running at a “very significant level” with both large and small institutions in touch with the regulator.

Minutes from the bank’s June 21st meeting show Ed Sibley, the deputy governor for prudential regulation, told the committee there was an “ongoing need to reprioritise ‘business as usual’ work in order to meet the demand on these applications”.

The large pipeline of applications comes as the bank examines macro-economic impacts here relating to employment, property and migratory trends. Its minutes also show that Mark Cassidy, the director of economics and statistics, said the bank is preparing for all potential Brexit outcomes.

Earlier this month, the bank warned it was dealing with an unprecedented volume of applications for licences to operate in the Republic.

Tracker mortgage scandal

At the June 21st meeting, Central Bank commission members were updated on progress in relation to the tracker mortgage scandal, its information technology (IT) strategy and property price developments.

“One member expressed concerns in relation to ongoing developments in house prices and the difficulties that this was creating for various cohorts in society,” the minutes said. “The member stated that it was an issue the bank should be closely monitoring and taking whatever steps necessary within its remit.

“The governor agreed that the bank needed to maintain a close eye on developments, which it was doing. He noted the bank’s key policy tool of mortgage measures which were designed to help maintain appropriate credit standards.”

Items related to the banks premises and accommodation strategy, its print works strategic review, and its investment portfolio were omitted from the published minutes.