COVID-19 - Regulated Firms Updates - The Central Bank of Ireland

Apr 21, 2020

The Central Bank of Ireland has intensified its engagement across the financial services system to ensure that firms are taking the necessary actions to be able to continue to serve their customers through the unprecedented challenges COVID-19 is causing and will continue to review its approach to regulatory flexibility throughout the duration of the COVID-19 pandemic and may provide further updates as required.

During this period, the Central Bank expects firms to continue to meet their regulatory and statutory obligations on an ongoing basis. However, the Central Bank recognises that regulated firms are under significant organisational stress and that some limited and time-bound regulatory flexibility may allow firms to better serve consumers, investors and the wider economy.

The Central Bank is providing regulated firms with a level of flexibility in relation to:

  • Extending remittance dates for a number of reports with reporting dates between March and end May 2020, with exception
  • Allowing individual firms to engage directly with their supervisor where they have COVID-19 related difficulties in meeting specific risk mitigation programme (RMP) submission dates.

Firms should review the relevant section for details of applicable extensions and postponements, as well as details of the Central Bank’s application of relevant announcements made by the European Supervisory Authorities:

For more details see here.