Louise O'Reilly
Question:223. Deputy Louise O'Reilly asked the Minister for Finance the reason the Central Bank is not a member of the Basel committee; and if he will make a statement on the matter. [40056/20]
View answerTuesday, 1 December 2020
Questions (223)
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The Basel Committee on Banking Supervision (BCBS) at the Bank for International Settlements (BIS) is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability.
The Committee has 45 members comprising central banks and bank supervisors from 28 jurisdictions.
Additionally, the Committee has nine observers including central banks, supervisory groups, international organisations and other bodies.
The Central Bank of Ireland is represented on the Committee by the European Central Bank (ECB) and the Single Supervisory Mechanism (SSM).
The Central Bank of Ireland is not a member of the Basel Committee as Ireland is not a G20 country and our banks are not sufficiently large.