The Central Bank of Ireland has made meaningful headway in its supervisory approach to culture and conduct issues. One primary focus has been on governance issues. “Responsibility for driving the right culture,” Central Bank Deputy Governor and Director of Credit Institutions Ed Sibley has said, “resides, first and foremost, with a bank’s board.” In terms of the tone from the top, the Central Bank has asked firms to “own it, commit to it, and deliver on it.”1
The Irish supervisor, in tandem with other SSM countries, has deployed subject matter experts to “drill down further into the practices within individual banks” on governance structures and their governance and control arrangements.2 Ed Sibley comments that it is the regulator’s job to “challenge and assess governance arrangements” and has acknowledged that, through their intensified supervision of governance, they have spotted “many serious issues in both governance arrangements themselves and also in critical business areas.”3
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