ECB criticises legal structure for Central Bank

THE European Central Bank (ECB) has criticised the legal structure for the proposed new Central Bank saying it lacks transparency and emphasising the need for it to be completely independent.

The comments and proposals for changes to the heads of the Central Bank Reform Bill relate only to the new bank’s role in the European System of Central Banks responsible for the management of the euro.

A statement from Finance Minister Brian Lenihan welcomed the opinion and said the issues raised by the ECB have been addressed in the final text of the Bill published on March 30 or can, if necessary, be dealt with as the Bill progresses through the houses of the Oireachtas.