Derville Rowland - Director General, Financial Conduct: Speaking at the Irish Funds Global Annual Conference

Introduction

Good morning.

Thank you to Irish Funds for the opportunity to address this conference.

Ireland’s investment funds sector plays a critical role in both the European and global financial services sector. Consequently, at events such as this, it is timely to take stock of the current domestic, European and international regulatory landscape and to set out the Central Bank’s approach to the funds industry and our expectations of the sector.

Ireland’s Global Funds Sector

 Ireland’s funds industry has seen, and continues to see, strong growth in assets under management and administration. Assets in Irish domiciled investment funds now exceed €2.4 trillion and assets under administration in Ireland stand at €4.4 trillion. Ireland has €380 billion in UCITS Exchange Traded Funds and €500 billion in money market funds, making the sector a global leader on both fronts [Figures as of end Q4, 2017].

As part of the regulatory framework, the gatekeeper role operated by the Central Bank is an effective and efficient way of ensuring the firms and funds operating within the industry adhere to high standards. The Central Bank is mindful of the importance of efficient turnaround times for investment funds and fund service providers. This is why we monitor performance against agreed turnaround times and publish details of this performance on a semi-annual basis.