Central Bank to push for new financial whistleblower legislation
New governor of the Central Bank, Patrick Honohan yesterday told the Dáil Committee on Economic Regulatory Affairs that there had been “a serious failure” in Ireland’s financial regulatory system in recent times and that banks’ lending practices weren’t regulated tightly enough. He said that one targeted solution would be a statutory regime to encourage whistleblowers and to provide a specific process for them.
“Thousands of financial firms in Ireland are regulated entities. Experience worldwide shows how hard it is for regulators to detect all fraudulent behaviour on the part of financial firm management. Very often important breakthroughs are made thanks to the revelations of whistleblowers,” he said.
