Honohan: Bailout gives Ireland time to rebuild market confidence

The Central Bank Governor Patrick Honohan has said the EU/IMF bailout programme gives the Government a "window of time" to rebuild market confidence.

He made the remarks at the publication of the Central Bank's annual report today.

The report shows the applications of three people seeking senior, or board level positions in the banks were withdrawn after a fitness and probity assessment by the Regulator.

In a statement contained as part of the Central Bank's annual report, Governor Honohan defends his decision to promote and recommend that Ireland accept the EU-IMF bailout.

He said it provides a window of time for the government "to demonstrate its adherence to a convergent fiscal strategy, thereby rebuilding market confidence".

He said: "The international authorities have endorsed the programme, and demonstrated their own confidence that Ireland can bring its debt under control.

The bank's report also outlines a number of actions taken to improve standards in the country's banks last year.

Among them are the interviews carried out to vet applicants for senior positions in the banks - including senior managers and board members.

The central bank said the applications of three people were withdrawn after the fitness and probity assessment, which allows the bank to suspend or prevent a person from carrying out certain functions, if there is a good reason to do so.