Bankers hail financial laws shake-up

Bankers today welcomed a planned shake-up of laws governing financial institutions in Ireland.

The Government has committed itself to a significant modernisation of the legislation regulating the industry.

The Irish Banking Federation (IBF) said it was pleased that its submissions on the proposed overhaul had been acted on.

The industry’s leading representative body committed itself to working with the Government to deliver a world-class regulatory framework for financial services.

“As a member of the Government-appointed Business Regulation Forum, I am very pleased that the Government is now tackling the consolidation and modernisation of financial services legislation with the seriousness and urgency it deserves,” said IBF Chief Executive, Pat Farrell.

“Coming close on the heels of publication by Government of its Building on Success strategy for international financial services, this augurs well for the future development of this key sector which already directly employs 57,000,” he added.