Key developments and horizon scanning

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This subtopic comprises of key developments and materials including horizon scanning and progress trackers relating to banking and financial services.

This subtopic contains the following guidance:

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    Practice Note: Ireland—Central Bank (Individual Accountability Framework) Act 2023—policy development and key dates tracker tracks

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Latest Ireland - Banking & Financial Services News

EPC seeks service provider for VoP scheme test environment

The European Payments Council (EPC) has launched a request for proposal (RFP) for the selection of a technology service provider in charge of providing, operating and supporting a test environment for the validation and self-certification of the verification of payee (VOP) API (both server-side and client-side) by the scheme participants. Responses are sought by 17 January 2025.

ECB fines BNP Paribas Fortis SA/NV for intentionally breaching credit risk reporting rules

The European Central Bank (ECB) has imposed an administrative penalty of €10.4m on BNP Paribas Fortis SA/NV for reporting miscalculated risk-weighted assets for credit risk. The bank may challenge the ECB’s decision before the Court of Justice of the European Union.

EIOPA revokes Guidelines and amends Opinion to align with upcoming DORA

The European Insurance and Occupational Pensions Authority (EIOPA) has announced that, in anticipation of the Digital Operational Resilience Act (DORA) coming into application, it will be withdrawing two previously published Guidelines and amending part of an Opinion. The two Guidelines and Opinion are all related, at least in part, to the use of information communication technology (ICT) by undertakings, and by withdrawing them, EIOPA aims to avoid duplications and overlaps with DORA. The changes will take effect from 17 January 2025.

EIOPA publishes strategic plan and work programme for 2024-2026

The European Insurance and Occupational Pensions Authority (EIOPA) has published its Single Programming Document for 2024-2026, outlining the organisation's strategic priorities and planned activities for the coming years, including the Annual Work Programme for 2024.EIOPAoutlines the evolving macro-economic, political, environmental, technological and sectoral context impacting its work. This includes factors like economic uncertainty, inflation, digitalisation trends, climate change effects, new regulations like the Digital Operational Resilience Act (DORA), Solvency II review, and the expected growth in EIOPA's tasks.

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