02119cas a2200241 a 4500 AALejournalIMF014414 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498380461 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Monetary and Capital Markets Department. Ireland : Report on Observance of Standards and Codes (ROSC). Washington, D.C. : International Monetary Fund, 2014. 1 online resource (39 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This Report on Observance of Standards and Codes (ROSC) on Ireland highlights that the Central Bank of Ireland has made significant progress in implementing a proactive and intensive approach to supervision. The Probability Risk and Impact System, the backbone of the new risk-based supervisory approach, is intellectually appealing and significant progress was evident to the mission and recognized by market participants. The reform process is relatively young and effective implementation is still a work in progress that demands additional skills and resources. It is critical to maintain a clear direction and focus on implementation efforts, and that enforcement powers are used as a successful deterrent, including the new powers the Central Bank of Ireland was given under the Central Bank of Ireland Act 2013. The Central Bank of Ireland has set up sound foundations; however, gauging the full effectiveness of the reforms requires time for the new framework to season and for staff to gain experience through its use. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2014/137 Full text available on IMF http://elibrary.imf.org/view/journals/002/2014/137/002.2014.issue-137-en.xml IMF e-Library