Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Ms Ann Nolan:

Well, what's a major difference is the Central Bank no longer has that requirement. I mean, I think you have to differentiate significantly in the role of the Department and the role of the Central Bank. The role of the Central Bank is to regulate, and it is absolutely not the role of the Central Bank to promote the development of the industry. We provide the legislative framework for that regulation, and the legislative framework is separate, even within the Department, to the promotion of the IFSC, which is in a different section of the Department. But all Departments have the economic development of the country as part of their mandate.

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