Oireachtas Joint and Select Committees

Wednesday, 10 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Joe HigginsJoe Higgins (Dublin West, Socialist Party)
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It states:

[The International Monetary Fund] Report on the Observance of Standards and Codes Review was discussed [and] It was anticipated that Ireland would be deemed materially non-compliant in four areas i.e. independence, accountability and resourcing; supervisory techniques and tools; transactions with related parties; and abuse of financial services.

That was in 2013, only it was probably less than two years ago, Mr. Roux. Some people might find that astonishing after all we've been through. So could I ask you if the Central Bank anticipated non-compliance, had it been aware of this and, if so, why did it not address these issues in advance, or ... and what has been done since to rectify the situation? Are all those compliance issues now resolved?