President signs Credit Institutions Bill

President McAleese has signed the Credit Institutions Bill this evening and it has accordingly become law.

It follows a meeting of the Council of State this afternoon to consider the constitutionality of the legislation which aims to radically restructure the banking system.

The legislation, which passed through the Dáil last week, gives the Minister for Finance the power to make sweeping changes to the banking sector.

Opposition parties, and the European Central Bank have raised concerns about the legislation.