Finance Committee to discuss tighter controls over banks

The Finance Committee will meet today to discuss a European-wide recovery framework for banks.

The chairman of the group said banks need a tighter level of supervision in order to protect customers from potential risk factors related to a banks' investment decisions.

The aim of the framework is to minimise the exposure of the taxpayer to any future financial crises.

However, it is now argued that the proposals put forward by the European Commission in October 2010 do not go far enough.

Labour Party TD and chairman of the committee, Ciaran Lynch, said in order to protect the taxpayer, the reigns must be tightened over banks.