Final Cross Industry Guidance On Outsourcing Issued

On 17 December 2021, the Central Bank of Ireland (the "Central Bank") published its final cross industry guidance on Outsourcing (the "Guidelines"). The feedback statement ("Feedback Statement") which accompanied the Guidelines sets out the Central Bank's views on the submissions received from stakeholders on the February 2021 consultation paper on draft guidelines on Outsourcing (the "Draft Guidelines").

There were no major changes from the Draft Guidelines which isn't surprising as in our experience there rarely are major changes after such consultations. There are some useful clarifications and the Feedback Statement itself is useful to read to get a sense of the Central Bank's perspective on these issues. It is not a surprise to Matheson who advises extensively in this area, but Outsourcing is clearly a very important issue for the Central Bank and in many respects the Guidelines pull together and codify expectations that have been developing over the