Single financial regulator to take a systemic view of sector, officials claim

THE proposed new singular structure for financial regulation in Ireland – combining the Central Bank and the Financial Regulator – will be better placed to take a systemic overview of the entire banking sector, rather than just a case-by-case basis, officials from the Department of Finance told a Dáil committee yesterday.

Kevin Cardiff, William Beausang and John Hogan appeared before the Joint Oireachtas Committee on Economic Regulatory Affairs, to present progress made on regulatory reform, in particular the framework for a new body announced by Finance Minister Brian Lenihan last month.

The questioning focused on whether a combined Central Bank of Ireland Commission would bring about changes in transparency or accountability.