Fitness and Probity News

Notice I COVID-19 and Pre-approval Controlled Functions (PCF)

Given the unprecedented challenges of COVID-19, the Central Bank is postponing the implementation of the 3 new PCF roles and the split of PCF 39 Designated Person until Quarter 4 2020. Further guidance, including updated FAQs and guidance on the in-situ process, will be provided on the website in advance of Quarter 4 .

Find out how to manage PCFs at this time in the COVID-19 Hub. (12 May 2020)

The Central Bank of Ireland ("Central Bank") published a ‘Notice of Intention’ on 25 February 2020 which sets out its proposal to:

  1. Introduce three new Pre-Approval Controlled Functions (PCFs):
    1. Chief Information Officer (under the ‘General’ category);
    2. Head of Material Business Line (under the ‘Banking’ category);
    3. Head of Market Risk (under the ‘Banking’ category);
  2. Split PCF-39 Designated Person into six PCF roles aligned to the specific managerial functions.

The Bank invites comments from stakeholders on this proposal. Comments should be submitted by email to governanceconsultations@centralbank.ie no later than 14 April 2020.

Notice of Intention - Additions to the list of PCFs February 2020 | pdf 862 KB

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