Home Knowledge Central Bank Consultation on Protected Disclosures: CP79

Central Bank Consultation on Protected Disclosures: CP79

On 19 March 2014, the Central Bank of Ireland (the “Central Bank”) launched a consultation on its proposed arrangements for receiving and handling ‘protected disclosures’, as defined in the Central Bank (Supervision and Enforcement Act) 2013 (the “2013 Act”).

The Central Bank’s consultation paper on protected disclosures (“CP79”) can be viewed by clicking here. Some of the key points under consultation are as follows:

  • Ensuring that it is clear how the Central Bank would be contacted, and how information that is provided to the Central Bank will be handled.
  • The establishment of a Whistleblower Desk to receive and manage disclosures.
  • Acceptance by the Central Bank of anonymous disclosures (though such persons are not afforded the protections of Part 5 of the 2013 Act).
  • The proposal that the Central Bank would not inform whistleblowers of what action, if any, would be taken as a result of their disclosure.
  • The recording of all telephone calls by the Central Bank on a dedicated whistleblower telephone-line.
  • That the Whistleblower Desk would receive and review disclosures made by PCF holders under their disclosure requirement of Section 38(2) of the 2013 Act.

Submissions to the Central Bank on CP79 must be made by 19 June 2014.

Contributed by:  Niall Campbell