Banking

Makhlouf: Central Bank still at odds with some financial firms over accountability rules

Governor Gabriel Makhlouf says firms see a ‘conflict’ in the new individual accountability framework, which the regulator does not believe is the case

Gabriel Makhlouf: governor of the Central Bank pictured at a conference at the Aviva Stadium in Dublin last week. Picture: PA

The Central Bank of Ireland (CBI) is still at odds with some financial institutions over elements of forthcoming rules aimed at holding individual executives accountable, its boss has admitted.

The regulator last week announced that it was deferring by 12 months the application of its individual accountability framework (IAF) to non-executive directors, following a consultation period in which major firms flagged significant concerns with elements of the rulebook.

The Central Bank also reduced the number ...