Bernard Durkan (Kildare North, Fine Gael)
Link to this: Individually | In context

Question 319: To ask the Minister for Finance the extent to which he intends to provide by way of legislation the necessary impositions to ensure that traditional banking good practice is maintained in the future with particular reference to sound lending to borrowing, solvency and liquidity ratios; if arrangements have been entered into whereby this will apply in future after the current banking issues have been resolved; and if he will make a statement on the matter. [1673/11]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

The Central Bank Reform Act 2010 established a single, integrated, Central Bank of Ireland ("the Bank") to replace the dual Central Bank and Irish Financial Services Regulatory Authority structure. That Act was the first in a proposed three stage legislative programme. The day-to-day regulation of banks and other financial service providers is primarily a matter for the Bank and in June of 2010 the Bank published "Banking supervision: our new approach" which sets out its vision of a more intrusive financial regulatory regime. The Bank already has substantial powers of enforcement and extra resources in place to ensure that banks and other financial service providers conduct their business prudently and properly. Work is continuing to prepare heads of a second Bill which is intended to equip the Bank with additional powers and functions for the regulation of all financial service providers including the banking sector.

A third Bill to consolidate the Central Bank Acts will follow.