Practice findings due in July

THE Central Bank will publicly report its initial findings into how well the country’s main banks have reformed their practices, next month – warning that it will “make life difficult and expensive for banks which fail to manage risk adequately”.

In launching the Central Bank’s new paper outlining its fresh approach to banking supervision, yesterday, assistant director general for financial institutions, Jonathan McMahon, said that a lack of progress in one of the key areas under review – the banks’ lending standards – “would be unforgivable”.

Next month the Central Bank will publish its findings into its review into new mortgage lending to first-time buyers, with a broader report into bank lending due next January.