Elderfield: Banking authority progress will ease bailout exit

Financial regulator Matthew Elderfield has said that progress made on the establishment of the European Banking Authority — the single supervisory body devised at June’s European Summit — should boost confidence in Ireland as it prepares to exit its bailout programme next year.

However, the deputy governor of the Central Bank added the tools are not yet in place to allow for an effective supervisor.

“To be a success, the new single supervisory mechanism of the banking union needs to have a well-considered relationship with the EBA and a strong commitment to the single market.