Oireachtas Joint and Select Committees

Wednesday, 8 December 2021

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

Withdrawal from Irish Banking Market: Engagement with Ulster Bank

Ms Fiona McMahon:

We will be doing detailed pre-migration work, as Ms Howard outlined. This area has also been subject to joint inspection work by the Single Supervisory Mechanism and Central Bank and is subject to ongoing monitoring. The inspection the Central Bank last conducted in this area concluded in 2018 and we responded to all of the findings of that inspection in 2019. There will be areas where, from an operational risk perspective, the Central Bank will continue to oversee and supervise in our business continuity planning and the management of our outsourcing, etc. That is the type of work we have been doing to ensure we have managed this operational risk as we go into the migration with various counterparts.

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