Central Bank to beef up its powers

FINANCE MINISTER Michael Noonan has published new legislation proposals aimed at strengthening the Central Bank’s regulatory powers, including granting protection for ‘whistleblowers’ and fines of up to €10 million.

The Central Bank (Supervision and Enforcement) Bill 2011 — which is due to come before the Dáil when it reconvenes in the autumn — is being seen as a direct response to the regulatory failures of the recent financial and banking sector crisis. Its publication, according to Mr Noonan, “represents a significant further step in the reform of financial regulation in Ireland.”

“The changes introduced by the bill will underpin an assertive, risk-based model of regulation supported by a credible threat of enforcement,” the minister added.