Built on the solid cooperation between the Mainland and Hong Kong, upon approval of the central government, it is decided to launch the Southbound Bond Connect, facilitating Mainland institutions to go out and invest efficiently in Hong Kong and the global bond markets.
This reflected the fact that, prior to the re-organisation, the Central Bank had been the main locus of expertise in these supervision activities in Ireland. The end result is an organisation that consists of two constituent parts, each with their own responsibilities.