meta_id 3222403

On June 8, 2026, the Central Bank of Ireland launched a consultation on proposed guidance for money market fund (MMF) managers regarding weekly liquid asset (WLA) levels and enhanced supervisory engagement. The consultation follows the European Commission's May 11, 2026 report on the adequacy of the Money Market Funds Regulation (MMFR), which identified "market resilience levels" of WLA that enable EU-authorised MMFs to withstand future market stress events. The Central Bank proposes to issue guidance setting out its expectations for MMFs to align their liquidity risk frameworks with market resilience levels identified by the European Commission. The Consultation Paper is set out as follows: Section I: Guidance on liquidity risk management. The Central Bank expects MMFs to maintain sufficient liquidity in accordance with the market resilience levels of WLA of 20% for Variable Net Asset Value (VNAV) and 40% for Public Debt Constant Net Asset Value (CNAV) and Low Volatility Net Asset Value (LVNAV) MMFs. If WLA levels approach or fall below the identified market resilience levels the Central Bank of Ireland expects MMF managers to exercise enhanced vigilance. Where a MMF falls below the market resilience levels for a period exceeding 10 business days or where the MMF manager expects a prolonged and/ir substantial deviation, the MMF manager shall notify the Central Bank of Ireland. The Central Bank expects MMFs to maintain sufficient liquidity in accordance with the market resilience levels of WLA of 20% for Variable Net Asset Value (VNAV) and 40% for Public Debt Constant Net Asset Value (CNAV) and Low Volatility Net Asset Value (LVNAV) MMFs. If WLA levels approach or fall below the identified market resilience levels the Central Bank of Ireland expects MMF managers to exercise enhanced vigilance. Where a MMF falls below the market resilience levels for a period exceeding 10 business days or where the MMF manager expects a prolonged and/ir substantial deviation, the MMF manager shall notify the Central Bank of Ireland. Section II: Guidance on increased supervisory scrutiny and engagement. Where an MMF manager notifies the Central Bank of Ireland of an MMF falling below the market resilience level or where the Central Bank of Ireland identifies MMFs with liquidity levels below the market resilience levels for prolonged periods of time ,the Central Bank of Ireland will initiate increased supervisory scrutiny and engagement. At the onset of stressed market conditions affecting MMFs, the Central Bank of Ireland shall undertake enhanced supervisory engagement with MMF managers. In such conditions, the Central Bank of Ireland may also request more frequent data that could include key risk indicators, daily reporting and key data points such as:  NAV, net subscriptions, daily liquidity buffer, difference in bps between constant NAV and shadow NAV (when applicable). Where an MMF manager notifies the Central Bank of Ireland of an MMF falling below the market resilience level or where the Central Bank of Ireland identifies MMFs with liquidity levels below the market resilience levels for prolonged periods of time ,the Central Bank of Ireland will initiate increased supervisory scrutiny and engagement. At the onset of stressed market conditions affecting MMFs, the Central Bank of Ireland shall undertake enhanced supervisory engagement with MMF managers. In such conditions, the Central Bank of Ireland may also request more frequent data that could include key risk indicators, daily reporting and key data points such as:  NAV, net subscriptions, daily liquidity buffer, difference in bps between constant NAV and shadow NAV (when applicable). Appendix: Guidance on Money Market Fund Weekly Liquid Asset levels . The consultation closes on August 3, 2026 and responses can be sent by email to fundspolicy@centralbank.ie .