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 no later than 14 April 2020.

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

See also: