Ireland: Financial Sector Assessment Program : Technical Note-Banking Supervision and Update on the Assessment of Observance of the Basel Core Principles

The effective operational implementation of the Single Supervisory Mechanism (SSM) is well established in Ireland, and all authorities are actively engaged and committed to the new ECB-led supervisory framework. The SSM has further strengthened the prudential regulation and supervision of banks since the time of the 2013 assessment, enhancing the consistency of supervisory practices across the euro area, and shielding supervision from undue pressures from special interests. The Irish authorities appreciate the benefits that the operational implementation of the SSM has in delivering effective supervisory discipline in Ireland.