Oireachtas Joint and Select Committees
Thursday, 10 September 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Michael Noonan (Limerick City, Fine Gael) | Oireachtas source
Yes, you read your list very rapidly but it seems to me that the way the Central Bank is structured now and the way it is bedded in law allows it to fulfil all those. I mean, the Central Bank is the single regulator now and it has the capacity. It's independent, under law. It also is very well resourced, because it's very profitable, and it isn’t subject to any of the recruitment embargoes that Government Departments have been subject to. So it has hired an awful lot of extra staff. And there's extra staff ... there's ... there's people available of high expertise in Ireland now coming out of the universities and some of them have worked abroad, in the City of London and elsewhere, so the expertise is there. So, I think they have the capacity. In terms of the board that they report to - in Central Bank terminology, it's called the commission - but they have a ... there's a lot of very serious ... serious people in there and they seem to have a high level of competence.
What was your last ... the only doubt I had was your last sentence. What was your last thing there?
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