Gabriel Makhlouf

The fitness and probity regime is a critical element of financial regulation, protecting the public interest by ensuring that people who work in key positions in a financial firm are competent and capable, honest, ethical and of integrity and financially sound.

Since 2020, the Central Bank of Ireland has approved appointments to more than 11,000 roles under the regime.

Governor Gabriel Makhlouf said yesterday: “The Enria report, published in July 2024, identified several key areas for improvement in our operation of the fitness and probity regime.

“We accepted the findings of the report and have used them as a basis for implementing reforms to enhance the regime’s overall effectiveness. We also committed to implementing the reforms as early as possible and before end 2024.

“Today’s announcement of the establishment of our new dedicated fitness and probity unit within the Bank is a key element of this programme of reform.

“However, we recognise that this is only a first step towards delivering a fitness and probity gatekeeping process aligned with the spirit and approach of the report. As such, work will continue in implementing and delivering a regime which supports supervisory judgement, while delivering robust, fair and transparent processes.

“The new unit will be staffed from within our existing complement by experienced regulators from across the Bank.

“Our strategic plan committed to transforming our approach to regulation and supervision — this process is ongoing and our new operating structure, including the dedicated fitness and probity team, will be in place from the start of the new year.”