Regulatory mistakes will cost Ireland big time, says international bank boss

GETTING its financial regulatory regime wrong will cost Ireland thousands of jobs and billions of euro in tax and economic growth, according to the Federation of International Banks in Ireland (FIBI).

The federation’s chairman, Neil Ward, said all bankers accept that increased regulation is an inevitable consequence of the recent global financial crisis. Mr Ward, who is the managing director of Bank of Montreal Ireland, said much of the new regulation is welcomed by his industry.

“It will restore the public’s confidence in financial institutions and set boundaries that will decrease the chances of mistakes being repeated by the global financial services industry,” he said at the FIBI annual lunch.