The Central Bank has withdrawn this 2017 Policy Statement with immediate effect, see Withdrawal of Policy Statement - EBA Remuneration Guidelines: The Central Bank of Ireland’s approach to proportionality relating to the pay-out process applicable to variable remuneration dated 31 January 2017.
The European Banking Authority’s (‘EBA’) ‘Guidelines on sound remuneration policies under Articles 74(3) and 75(2) of Directive 2013/36/EU (‘CRD IV’) and disclosures under Article 450 of Regulation (EU) No. 575/2013 (‘CRR’)’ (‘EBA Remuneration Guidelines’) apply to credit institutions, CRD IV investment firms and competent authorities from 1 January 2017. The Central Bank of Ireland (‘the Central Bank’), as the competent authority in Ireland for credit institutions which are Less Significant Institutions (‘LSIs’) and for CRD IV investment firms, confirmed compliance with the EBA Remuneration Guidelines on 30 August 2016 in line with European and Irish law.