Irish financial regulation to be strengthened

Ireland’s central bank would be given expanded powers to investigate the financial sector, direct institutions to change their business practice and fine or suspend those that misbehave, under a bill unveiled on the 28 July 2011.

The reform bill has grown out of the country’s banking crisis, which forced the government to nationalise every lender except the Bank of Ireland and fold regulation of the financial sector into the central bank.

ESO: Background information: Ireland to outline bank stress tests / Ireland pledges 'credible' banks revamp as stress test concerns rise / Irish banks need €24bn after stress tests http://www.europeansources.info/record/ireland-to-outline-bank-stress-tests-ireland-pledges-credible-banks-revamp-as-stress-test-concerns-rise-irish-banks-need-e24bn-after-stress-tests/

Website: National Asset Management Agency (NAMA) http://www.nama.ie/

Ireland: Department for Finance: Press Release, 28.7.11: Minister for Finance Michael Noonan TD publishes the Central Bank (Supervision and Enforcement) Bill 2011 http://www.finance.gov.ie/viewdoc.asp?DocID=6946

Ireland: Department of Finance: Press Release, 15.9.11: Opinion of the European Central Bank of 9 September 2011 on the Central Bank (Supervision and Enforcement) Bill 2011 http://www.finance.gov.ie/viewdoc.asp?DocID=6984&CatID=78&StartDate=1+January+2011

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