Ann: Central Bank of Ireland Update, page-38

from the Australian

As part of its dealings with the Irish regulator over recent months, PFS had submitted a proposal outlining its material growth plans but this was rejected by the central bank, which came back with a lower, more palatable estimate of acceptable growth for the company.

“We were asked to provide to the regulator a material growth policy for during the period of remediation, to limit growth beyond a certain level of materiality,” CEO Tom Cregan said“
The board endorsed a number that we would not want to miss … we made sure there was enough of a buffer in there. We weren’t necessarily expecting the regulator would just accept that number and they (the Central Bank of Ireland) have now proposed a different number … there will now be a process of further debate and discussion.”
The company would again put its case to the Irish regulator, Mr Cregan added.“The board took a very considered position and provided a very considered response (in its submission).
The Central Bank would like to see a lower number so we will respond and try to defend the position we put forward in the first place.”Mr Cregan would not say how big of a gap there was between the company’s proposed growth plans and the regulator’s.He also commented that he could not find any precedent for regulated entities having their growth restricted during a remediation period but that in May the regulator’s position was that the company should focus wholly on remediation and not growth.