Oireachtas Joint and Select Committees
Thursday, 14 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Sean Barrett (Independent) | Oireachtas source
Thank you. Now, could I ask that CIF, page 99, Vol. 1, be put on the screen, please? Now, it's from the presentation of Mr. Simon Carswell, Chairman, on 26 February, and the third paragraph on page 99 reads:
In 2006 the Financial Regulator started to consider the introduction of compliance statements for directors of banks. This would allow the regulator to force the management and the boards of banks to stick by assurances they gave, for example agreeing to reduce their lending into one particular area, and would give the regulator an important tool to exert greater control over the activities of banks. After intensive lobbying by the financial services industry the Department of Finance asked the Financial Regulator to drop the process of consultation, and it was shelved.
Was Bank of Ireland part of that lobby?
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