Consumers urged to think carefully about affordability and credit options

THE Financial Regulator’s chief executive Patrick Neary has described the current turmoil in the financial system as the most serious and prolonged in decades.

And he warned that the turmoil was likely to continue indefinitely.

Speaking at the publication of the annual report, Mr Neary, said the regulator had taken action to “widen and deepen” its supervision of financial institutions as a result of the problems.