On 22 June 2026, the Central Bank of Ireland opened a public consultation inviting feedback on how it assesses the impacts of new or amended regulations and engages with stakeholders during the policy development process. The initiative, set out in Consultation Paper 170, forms part of the Bank’s broader efforts to build a clearer, more coherent, and proportionate regulatory framework while preserving essential safeguards for consumers, firms, and financial stability.
The consultation focuses on two interconnected areas. The first is a proposed Statement of Approach to Regulatory Impact Assessment (RIA).
This framework aims to provide a consistent, structured method for identifying problems that regulation seeks to address, evaluating alternative options, and analysing potential costs, benefits, risks, and unintended consequences.
Analysis would be proportionate to the scale and complexity of each proposal, drawing on evidence from data, research, supervisory experience, and stakeholder input.
The goal is to support more transparent and evidence-based judgements without turning the process into a rigid or mechanical exercise.
The second element concerns the Bank’s approach to public consultation. Proposals outline principles for when and how to seek views — emphasizing accessibility, inclusivity, and relevance — along with guidance on consultation design, duration (generally around 12 weeks), methods of engagement, and the publication of feedback statements.
Effective consultation is seen as a key source of evidence that feeds into RIAs, helping policymakers understand real-world impacts and perspectives that might otherwise remain hidden.
Governor Gabriel Makhlouf described the consultation as a step toward strengthening the Bank’s policy processes.
He emphasized that good regulation matters for consumers and investors, for regulated firms and the wider economy, and for the resilience of the financial system.
As markets evolve and policy choices grow more complex, he said, regulators must continue adapting how they develop and review rules.
Evidence, analysis, engagement, and sound judgment have always underpinned the Bank’s work; the current exercise seeks to make these elements more consistent, transparent, and embedded throughout the policy lifecycle.
The proposals build on the Bank’s recent supervisory approach and its December 2025 roadmap for a more effective and efficient regulatory framework.
They reflect a commitment to continuous improvement and position the Central Bank as a “learning institution” that reviews its methods, adapts to changing circumstances, and focuses on outcomes rather than process alone.
Importantly, the consultation does not introduce new regulatory obligations or alter existing rules; it concerns only the internal frameworks used to develop and communicate policy.
Stakeholders across the financial sector — including industry participants, consumer and civil society representatives, the general public, policymakers, and peer institutions — are encouraged to contribute. Submissions can be made through an online form, by email, or in writing.
The deadline for responses is 30 September 2026. All submissions will be considered, and the Central Bank plans to publish a feedback statement summarizing the main issues raised and its responses.
By refining how it weighs evidence, assesses impacts, and incorporates diverse perspectives, the Central Bank aims to deliver regulation that is well-founded, well-understood, and better able to achieve its intended outcomes.
The consultation represents a somewhat practical expression of the institution’s ambition to evolve its practices in line with a changing financial landscape. Interested parties are invited to review the full consultation paper and share their views before the September deadline.