Regulator does not plan to offer firms any derogations or waivers from regulatory requirements
The Central Bank confirmed on Tuesday it will set up a so-called innovation sandbox programme later this year to allow financial and technology firms to test innovative products in a safe environment before launching them on the market. Photograph: Alan Betson/The Irish Times
The move comes 18 months after the Department of Finance said in a report on the banking system that the regulatory body should review its existing innovation hub and consider setting up a sandbox programme – similar to one offered in some other countries, such as the UK – to allow companies to test new products in a live setting.
The regulator said last November that 375 such engagements had taken place over the initial 5-1/2 years of its existence and that it planned to further develop this hub.Hubristic Woodford was the orchestrator of his own downfall“In a changing financial system, the Central Bank is evolving its approach – to continue to ensure the financial system operates in the best interests of consumers and the wider economy,” said deputy Central Bank governor Sharon Donnery.
However, the Central Bank does not plan to offer firms any derogations or waivers from regulatory requirements.
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