Credit Unions 

The Fitness and Probity Regime applies to Credit Unions and to persons in senior positons within a Credit Union. In 2013 the Central Bank issued regulations for credit unions (in accordance with the Central Bank Reform Act 2010) which identify the senior positions, referred to as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs), within a credit union that are subject to the Fitness and Probity Regime.   

There are 2 CF positions set out in the 2013 Regulations:

  • A function in relation to the provision of a financial service which is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of a credit union (CUCF-1); and
  • A function in relation to the provision of a financial service which is related to ensuring controlling or monitoring compliance by a credit union with its relevant obligations (CUCF-2).

There are also 2 PCF positions set out in the 2013 Regulations:

  •  the office of chair of the board of the credit union (CUPCF-1), and
  •  the office of manager of the credit union (CUPCF-2).

Credit Unions also authorised as Retail Intermediaries

In 2015 the Central Bank issued regulations for credit unions (in accordance with the Central Bank Reform Act 2010) which identify the senior positions, referred to as CFs and  PCFs, within a credit union also authorised as retail intermediaries that are subject to the Fitness and Probity Regime.

For further information on the Regulations that apply to credit unions that are also authorised as retail intermediaries, please see Fitness and Probity 2015 Regulations for Credit Unions .

Additional PCFs for credit unions with total assets of at least €100 million

In 2018 the Central Bank issued regulations (in accordance with the Central Bank Reform Act 2010) for credit unions with total assets of at least €100 million, according to the credit union’s latest audited accounts. From 1 July 2018, 3 additional roles are designated PCFs in such credit unions; these are:

  • Risk Management Officer (CUPCF-3),
  • Head of Internal Audit (CUPCF-4), and
  • Head of Finance (CUPCF-5)

For further information on the additional PCFs that apply to credit unions with total assets of at least €100 million, please see the Fitness and Probity 2018 (Amendment) Regulations for Credit Unions.

For those credit unions who become subject to the above 3 additional PCF roles from 1 July 2018, a PCF In Situ Return must be submitted to the Central Bank on or before 31 October 2018.

For guidance on submitting this return, please see the PCF In Situ Return Guidance Notes.

To submit this return, the PCF Information File must be completed by credit unions, who are subject to the above additional PCF roles, and uploaded via the ‘Credit Union PCF In Situ Return – 2018 Regulations’ return type through the Central Bank’s Online Reporting System (ONR).

Regulations designating CF and PCF:

Fitness and Probity 2013 Regulations for Credit Unions | pdf 915 KB Fitness and Probity 2015 Regulations for Credit Unions | pdf 1265 KB Fitness and Probity 2018 Regulations for Credit Unions | pdf 36 KB

Statutory Codes

Fitness and Probity Standards for Credit Unions | pdf 626 KB Minimum Competency Code 2017 | pdf 1612 KB Guidance on Fitness and Probity for Credit Unions | pdf 1003 KB Fitness and Probity - Frequently Asked Questions for Credit Unions | pdf 692 KB