Key developments and horizon scanning

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This subtopic comprises of key developments and materials including horizon scanning and progress trackers relating to banking and financial services.

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    Practice Note: Ireland—Screening of Third Country Transactions Act 2023 (Ireland)—the Screening of Third Country Transactions Act 2023 (Ireland) (STCTA 2023 (IRL)) introduces Ireland’s first foreign direct investment screening regime. This Practice Note summarises some of the key aspects of STCTA 2023 (IRL), together with the notification requirements

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Latest Ireland - Banking & Financial Services News

EBA announces 2025 EU stress test results to be published on 1 August 2025

The European Banking Authority (EBA) has announced that the results of the 2025 EU-wide stress test, including individual results for participating banks, will be published on 1 August 2025 at 18:00 CEST. The baseline scenario is based on projections from national central banks as of December 2024, while the adverse scenario reflects key financial stability risks identified by the European Systemic Risk Board (ESRB), the EBA and the European Central Bank (ECB) in late 2024. The stress test methodology incorporates the new EU banking package effective since 1 January 2025 and is intended as a risk assessment exercise rather than an evaluation of regulatory changes.

ESMA issues technical advice on UCITS eligible assets review

The European Securities and Markets Authority (ESMA) has published a final report containing technical advice reviewing the Directive 2007/16/EC on Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets (the UCITS Eligible Assets Directive). The advice recommends implementing a look-through approach for determining asset eligibility and proposes allowing up to 10% exposure to alternative assets. ESMA's recommendations aim to harmonise divergent national practices and include transition periods for portfolio adjustments. The proposals also include proposals for improving retail investor access to Alternative Investment Funds through standardised cross-border marketing rules. ESMA developed the advice following a consultation that received 63 responses and extensive data collection from national competent authorities.

Credit union fined by Central Bank of Ireland for anti-money laundering and risk management breaches

Ireland-Banking & Financial Services analysis: This article, was written by Dario Dagostino, Mark Devane, Chloe Culleton & Sarah Lee of A&L Goodbody LLP and discusses how the Central Bank of Ireland (Central Bank) fined Swilly Mulroy Credit Union (SMCU) €36,273 for multiple breaches over a seven and a half year period.

AML/CTF—EBA publishes opinion on risks affecting the EU financial sector

The European Banking Authority (EBA) has published its 2025 Opinion on anti-money laundering and counter-terrorist financing (AML/CTF) risks affecting the EU financial sector. Drawing on data from 52 competent authorities and the EBA’s EuReCA database, the Opinion highlights how rapid innovation, regulatory reform and evolving criminal techniques are reshaping the AML/CTF landscape. The EBA notes that while some sectors have improved their controls, others—particularly those involving emerging technologies—continue to face significant vulnerabilities. It calls for consistent application of the new EU AML/CTF framework and confirms that new Guidelines on sanctions compliance will apply from 30 December 2025.

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