Sean Barrett (Independent) | Oireachtas source

It is reported that this week the IMF will declare that the Central Bank is, "materially non-compliant in its supervision of foreign banks". Parliament in its role as the watchdog must be concerned. Our banking problems started when the German authorities assumed that the DEPFA Bank was being regulated by us and we assumed that it was being regulated by the Germans. The Germans paid up but it did serious reputational damage to this country. We missed out on what was going to happen subsequently. Parliament is a watchdog and we need regulatory and reputational issues to be tackled. We must ask who regulates the foreign banks. The dispute between the IMF and the Central Bank needs to settled as quickly and clearly as possible.