Oireachtas Joint and Select Committees

Wednesday, 21 October 2020

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Engagement with Governor of the Central Bank

Mr. Gabriel Makhlouf:

I do not know whether Mr. Sibley or Ms Rowland have details on the numbers of new authorisations, assets, capital or jobs that have been mentioned and that may have come to Ireland. The Central Bank's role will not change after Brexit. Our job remains, and will remain, what it has been, which is to ensure monetary and financial stability and make sure the financial system operates in the best interests of consumers and the community as a whole. Our constant and predominant aim is ultimately the welfare of the community as a whole.

We do not have a role, and certainly as far as I am concerned we will not have a role, in promoting the services industry in Ireland. We do have a role to make sure it is extremely well regulated and extremely well supervised. I hope the standards of regulation and supervision that we exercise will attract business to come to Dublin because it will continue to be a respected jurisdiction for financial services. This would be as a result of us doing the job well and not as a result of us promoting the industry itself, which is not our job. I do not intend it to be our role either.

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