Irish Banking Reform

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The separate Authority was abolished and its powers transferred to the renamed Central Bank Commission, with most regulatory powers delegated to the Deputy Governor Financial Regulation. The legislation also introduced some other changes including a clearer definition of the goals of the Central Bank.


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Extensive actions were launched to enhance the Central Bank's capacity and ensuring its delivery of an intrusive and effective risk-based financial supervision as well as a pro-active approach to systemic financial stability policy. These have been addressing, inter alia , the identified issues of insufficient cooperation and limited communication between different divisions and sections, an unduly hierarchical structure and deference to authority and a reluctance to carry decisions to conclusions and effective action.

Legislation

There have been significant changes in the policy approach. For example, banking is no longer de facto exempt from enforcement actions as it was in practice before banks now know that regulatory breaches leave them open to penalties.


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  6. Thanks to the new legislation the Central Bank's focus is no longer blurred by the potentially conflicting objective of developing the financial services industry. Substantial expansion of staff on supervision and regulation responding not only to objective assessment against comparators that more staffing was needed but also to public demand that underachievement could not be tolerated. This included injecting new energy and a fresh approach by opening up the numerous senior appointments that needed to be made to candidates outside of the Bank.

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    I will not elaborate here on the additional powers which have been sought by the Bank and granted by the Oireachtas on various regulatory and resolution issues. As far as bank supervision is concerned, the EU Single Supervisory Mechanism SSM has since November taken over much of the decision-making, while implementation remains primarily a locally-managed task.

    There are improved decision making processes in regulation separation of policy and risk, and enforcement functions from supervision; significant strengthening of the legal division; emphasis on better working interaction between the macro and micro prudential staff. There is an extensive and continuing programme of cultural renewal engaging all staff and using many tools clearer definition of mission; performance management; all-staff meetings; monthly cascade briefings; investment in IT systems; leadership training etc.

    Current plans involve even greater use of on-site inspection of banks, as well as a thoroughly overhauled organisational structure to further decentralise decision-making, cooperative working and career progression. No regulatory system can or even should attempt to eliminate all possibility of failure, and regulation and supervision must be able to change with a constantly changing financial industry.

    But I think the more assertive and risk-based system of prudential supervision that we now have in place has struck the right balance and will help ensure that the banking system helps the economic performance of Ireland, rather than causing the economic destruction which we have all been seeking to repair and rebuild.

    Matters Relating to the Banking Sector: Allied Irish Banks

    Even now a precise estimate is not yet possible: current valuations of the State's banking shares suggesting a figure for the net long-term fiscal costs of bank recapitalisation of the order of 22 per cent of GDP may be compared to the "in excess of 15 per cent" mentioned in the report. The latest figure is still within the maximum of the range that I conjectured at an Oireachtas Committee hearing in the summer of , before I became Governor.

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      Prof Honohan also criticises the culture and practice at the Central Bank prior to the crash, particularly light-touch regulation which left lenders such as Anglo Irish Bank monitored by just two regulatory officials. Those in the room on the infamous night of the bank guarantee, however, are often wrongly blamed for having precipitated the economic crisis.

      The inability of Irish banks to address the long-standing problem of non-performing loans NPLs is also cited as a failure of the system in the book. As a result, bringing the problem of NPLs under control took much longer than hoped for. We use cookies to personalise content, target and report on ads, to provide social media features and to analyse our traffic. For more information see our Cookie Policy.

      The Irish Banking Crisis

      Jack Horgan-Jones. Light-touch regulation Prof Honohan also criticises the culture and practice at the Central Bank prior to the crash, particularly light-touch regulation which left lenders such as Anglo Irish Bank monitored by just two regulatory officials. Other Sports. Sponsored RDS members: driving change for good.

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