Central Bank releases first set of board meeting minutesThursday 11 February 2016 19.03
The Central Bank has released its first set of minutes from meetings of the bank’s board.
Governor Philip Lane announced the measure last month as part of a move to make the Central Bank’s activities more transparent.
The minutes released today cover the board meeting from 11 December.
One of the main topics discussed at that meeting was preparations for the establishment of a Central Credit Register.
It was revealed that draft regulations for setting up the register had been prepared, which specify the kind of information that would have to be submitted to the register and by whom it would be submitted.
Data protection concerns surrounding information submitted to the register were also raised during the meeting.
A final draft of regulations for the register will be presented to the bank’s board this month for approval.
Meanwhile, in his ‘Governor’s Report’ Philip Lane raised the European Central Bank’s asset purchase programme, which is aimed at increasing inflation rates across the euro zone.
Mr Lane noted the actions taken by the ECB were “quite significant and that there was a gradual and continuing recovery under way, which these measures supported”.
Also discussed at the Central Bank’s December meeting was how best to monitor progress and the implementation of the bank’s Strategic Plan 2016-2018.
A ‘Balanced Scorecard’ system was approved by the board, which focuses on the strategic agenda while selecting a small number of data items to monitor.
The Central Bank board also discussed its use of the Irish language as part of its Language Scheme.
It has enhanced the scheme so that 25% of the bank’s press releases are published in both English and Irish, and the bank is to facilitate access for staff to Irish language courses.
Other topics discussed included a risk appetite framework, and authorisation revocation for financial institutions.
Central Bank board minutes will be disclosed about six weeks after each meeting.
While market sensitive information is not disclosed, the minutes will reveal corporate governance issues, internal debates and initiatives the bank is taking to fulfil its objectives.