McMunn: High standards crucial for financial services amid fragmentation
Central Bank of Ireland Deputy Governor Mary-Elizabeth McMunn emphasized the need for high standards and global responsibilities in international financial services. Speaking on June 11, 2026, she addressed challenges from fragmentation and rapid technological change.
Navigating a fragmented financial landscape
Deputy Governor McMunn highlighted Ireland's role as a significant international financial center, home to banking, insurance, asset management, fintech, and payments.
She stressed that global significance brings global responsibilities, particularly amidst a fragmenting world and rapid technological transformation.
The Central Bank of Ireland (CBI) remains committed to international engagement, standards, and cooperation, actively supporting global regulatory frameworks.
McMunn urged firms to "think through the regulatory and political cycle" and advocate for convergence, applying the highest international standards rather than the lowest local ones.
She noted that resilient, well-run firms, operating in a robust regulatory environment, form crucial foundations for navigating increasing complexity.
The CBI expects Irish subsidiaries of global groups to be substantive and sufficiently independent, leveraging group resources without compromising local board autonomy or creating unmanaged conflicts of interest.
This ensures they meet regulatory obligations and duties to customers.
CBI's robust gatekeeping and simplification
McMunn detailed the CBI's "Regulating and Supervising well" approach, which includes risk-based, outcomes-focused supervision and robust gatekeeping.
Since January 2025, the CBI has implemented a revised integrated supervisory approach.
She announced the publication of the annual Authorisation and Gatekeeping report, highlighting the volume of approvals over the last decade, including 3 banks, 32 payment institutions, 30 e-money institutions, over 9,000 funds, and 60 (re)insurance firms.
Gatekeeping ensures firms and individuals meet required standards, contributing to financial stability, firm soundness, consumer protection, and system integrity.
The CBI's process is risk-based, proportionate, outcomes-focused, and efficient, without compromising rigor.
Clarity in uncertain times
Deputy Governor McMunn's speech offers a clear, consistent message: despite global fragmentation, high standards and robust local governance are non-negotiable for Irish financial firms.
Her emphasis on "regulating and supervising well" provides welcome predictability for an industry navigating complex shifts.
This steadfast approach positions Ireland as a reliable hub, even as global financial services face unprecedented change.