Watchdog plans ‘crack team’ to monitor banks

THE Financial Regulator is finalising plans for a crack team of banking investigators to monitor credit institutions.

The hiring of the key advisers is being viewed as an attempt to patch over the “Achilles’ heel” in the Irish banking system along with identifying future weaknesses. The specialist panel will include experts in property valuation, forensic accounting and credit risk control.

It is the first time the regulator has brought several expert groups together under the one panel, it was confirmed yesterday.