Neary promises tighter monitoring of Irish banks

The Financial Regulator, Patrick Neary, has told an Oireachtas committee today that he plans to introduce tighter monitoring of the way Irish banks do business.

Mr Neary is appearing before the Oireachtas Committee on Economic Regulatory Affairs to answer questions about the crisis that pushed the Irish banking system close to collapse.

He told committee members that the rules governing the banks were about to change in the interests of common good.

He said one of his first objectives was to recruit a new 20-strong team of banking supervisors to monitor developments in the various banks.

Banks will also be required to set out new business plans focusing on the need to reduce their risk profile.