In a speech, the Central Bank of Ireland said firms operating from Ireland as part of international groups must remain substantive, resilient and sufficiently independent at local level, even where they rely on group resources and decision-making. Against that backdrop, Deputy Governor Mary-Elizabeth McMunn used the speech to update the market on the bank’s gatekeeping and simplification work, including publication of its annual Authorisation and Gatekeeping report and a second report on implementation of the 2024 Fitness and Probity review, which the bank said is now fully complete. The speech reaffirmed that leveraging group resources must not compromise the independence of the Irish board, create unmanaged conflicts of interest or leave boards unable to meet oversight and regulatory obligations. On gatekeeping, the bank said its approach remains risk-based, proportionate, outcomes-focused and robust, while also aiming to be clearer, more transparent and predictable. Over the last 10 years it has authorised or approved 3 banks, 32 payment institutions, 30 e-money institutions, more than 9,000 funds, 60 reinsurance and insurance firms, 11 Solvency II special purpose vehicles, 57 MiFID investment firms, around 1,900 retail intermediaries, about 9,000 debt prospectuses and nearly 30,000 individuals under the Fitness and Probity Regime. The second Fitness and Probity implementation report said all 12 recommendations from the 2024 review are embedded, with 97% of application assessments completed within 90 days and an average approval time of 50 calendar days. Other changes highlighted were consolidated guidance, a dedicated Fitness and Probity unit and a Gatekeeping Decisions Committee. On simplification, the bank said its multi-year roadmap remains on track. It plans to centralise broader gatekeeping functions, replace its current Cross-Industry Guidance on Outsourcing with non-mandatory good practices after sector engagement later this year, consult over the rest of the year on insurance-related changes linked to Solvency II reforms, progress the retirement or consolidation of some data collections in the second half of the year, and publish for consultation a new regulatory impact assessment framework in the coming weeks.
Central Bank of Ireland2026-06-11
Central Bank of Ireland publishes gatekeeping report and says all 12 Fitness and Probity recommendations are fully implemented
In a speech, the Central Bank of Ireland said Irish subsidiaries of international financial groups must remain substantive, well governed and sufficiently independent, and it updated the market on gatekeeping and simplification work. It published its annual Authorisation and Gatekeeping report and said all 12 recommendations from the 2024 Fitness and Probity review have been fully implemented, with 97% of applications assessed within 90 days. The bank also said its simplification roadmap is on track, including replacement outsourcing guidance and a forthcoming consultation on a regulatory impact assessment framework.