Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

The provisions will be applied by this statutory instrument. Bank of Ireland requested that section 1114 be applied to the bank on the basis that the generic company law accounting framework is not sufficient and it should be made clearer that the specific accounting framework for a bank or credit institution, which is covered by a Department of Finance statutory instrument, should apply to the Bank of Ireland. The statutory instrument to be issued by the Department of Finance is to be construed with the Companies Acts but applies additional and more stringent standards in certain respects, for example, regarding publication requirements. This regulation stitches in existing practice in a clear and statutory fashion.