Lenihan announces changes to banking regulation

Finance Minister Brian Lenihan has today announced changes to the banking regulation system to send a strong message to the world that Ireland is determined to restore its financial reputation.

The minister said he would tour EU capitals in coming weeks to outline his economic plan to foreign investors.

A national “bad assets” agency will also be established to take risky loans from existing Irish banks.

“The resolute actions we are taking to reduce the Budget deficit and to boost competitiveness by driving down costs, prices and wages are needed to restore the confidence of prospective investors and foreign lenders,” he said.

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