DOCSLIB.ORG

Dáil Éireann

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Dáil Éireann Vol. 707 Wednesday, No. 1 21 April 2010 DÍOSPÓIREACHTAÍ PARLAIMINTE PARLIAMENTARY DEBATES DÁIL ÉIREANN TUAIRISC OIFIGIÚIL—Neamhcheartaithe (OFFICIAL REPORT—Unrevised) Wednesday, 21 April 2010. Message from Select Committee ………………………… 1 Leaders’ Questions ……………………………… 2 Ceisteanna—Questions Taoiseach ………………………………… 8 Requests to move Adjournment of Dáil under Standing Order 32 ……………… 19 Order of Business ……………………………… 20 Central Bank Reform Bill 2010: Second Stage (resumed)…………………27 Ceisteanna—Questions (resumed) Minister for Defence Priority Questions …………………………… 44 Other Questions …………………………… 55 Adjournment Debate Matters …………………………… 62 Central Bank Reform Bill 2010: Second Stage (resumed) ………………… 62 Private Members’ Business Energy Security: Motion (resumed) ……………………… 99 Adjournment Debate House Prices ……………………………… 120 National Monuments …………………………… 123 Uran Renewal Projects …………………………… 124 School Placements……………………………… 126 Questions: Written Answers …………………………… 129 DÁIL ÉIREANN DÍOSPÓIREACHTAÍ PARLAIMINTE PARLIAMENTARY DEBATES TUAIRISC OIFIGIÚIL OFFICIAL REPORT Imleabhar 707 Volume 707 Dé Céadaoin, 21 Aibreán 2010. Wednesday, 21 April 2010. ———— Chuaigh an Ceann Comhairle i gceannas ar 10.30 ———— Paidir. Prayer. ———— Message from Select Committee. An Ceann Comhairle: The Select Committee on Environment, Heritage and Local Govern- ment has completed its consideration of the Estimate for Vote 25 of the public services for the service of the year ending 31 December 2010. Leaders’ Questions. Deputy Enda Kenny: Every day we come here there is another unveiling of a litany of scandal in the financial world. Last year the Government-appointed commission on remuner- ation recommended that the chief executive of the Irish Nationwide Building Society would receive pay capped at €360,000 per annum. The chief executive was paid €1 million as a bonus in November 2008, after the Government guarantee was introduced. It is well known that the person in question had a personal pension fund of €27 million. In recent days we have come to understand the level of corporate mismanagement and the lack of control in the Irish Nationwide Building Society. It had a loss of €2.5 billion for 2009 and the management structure and behaviour was described by the new chief executive as an outrage. We know that €1 million was paid to the chief executive as a bonus after the guarantee was introduced and we also know from reports this morning that in the four months before the chief executive resigned in April 2009, he was paid €221,000, or an annual equivalent of €663,000, which is well in excess of the level of remuneration recommended by the Govern- ment’s own watchdog remuneration committee. 1 Leaders’ 21 April 2010. Questions Deputy Ruairí Quinn: It certainly was not related to performance. Deputy Enda Kenny: AIB has faced down the Government and appointed an insider, Bank of Ireland has done the same and Anglo Irish Bank has paid certain members of its staff an increased salary. The Irish Nationwide Building Society has ignored the guidelines set by the Government, paying after the Government guarantee a €1 million bonus to the chief executive, along with an annualised salary of €663,000. As Deputy Quinn has reminded me, it was not performance-related. The banks have snubbed their noses at the high office occupied by the Taoiseach, treating him and his office with utter disrespect. The reason for this is the Taoiseach’s complicity in overseeing light regulation or none in the four years he was in the Department as Minister for Finance. Has the Taoiseach made an instruction on behalf of the Government and the Irish people that the public interest directors within the Irish Nationwide Building Society take whatever course is necessary, including legal action, to recover the €1 million bonus and the excess salary paid over and above the recommended guidelines set down by the Government’s own watchdog? Deputy P. J. Sheehan: Hear, hear. The Taoiseach: We have made it clear that we fully support the board’s ongoing efforts to recoup the bonus from Mr. Fingleton in accordance with the commitment made by the former chief executive. Deputy Pádraic McCormack: How is it getting on? The Taoiseach: That is our position. Deputy Seán Barrett: Fat chance. The Taoiseach: I wish to make it clear to the Deputy that in every respect in which that can be achieved, we will ask the board to act. That is what the present management and board is committed to doing. The Deputy made a comment last week, 15 April, warning against over-regulation, as it was his latest worry. The headline stated, “Kenny cautions against property ‘over-regulation’.” There have been systemic failures in the independent regulatory system we have had and we are conducting a banking inquiry related to that. Those reports will be available to the House and there will be a debate on them. There will be a commission of investigation deriving from that and the terms of reference will come from that process. That is how we can properly assess all these issues and see what lessons must be learned for the future. In the meantime there have been significant changes to the banking system, including at the top of all the Irish financial institutions. Five of the six CEOs in the Irish financial institutions have left, as have five of the six chairpersons. A process of board rotation is under way in the institutions and there is an entirely new senior management team in Anglo Irish Bank and in the Irish Nationwide Building Society. There have been outside appointments to key senior positions in other financial institutions, such as group finance director and chief group risk officer in AIB. There are public interest directors on the boards of all the banks. There also has been a change in remuneration, with bonuses abolished and salaries capped. These changes have meant the chief executive of Bank of Ireland and the managing director of AIB are on their current salaries, which are smaller than what they were on before. That is proper. 2 Leaders’ 21 April 2010. Questions Everything that can be done with the matters raised by the Deputy will be pursued by the management and board of that institution, which is under new management. Deputy Pádraic McCormack: What will the Taoiseach do? Deputy Tom Sheahan: When? Deputy Enda Kenny: I support effective regulation. I asked the Taoiseach if he had written, on behalf of the Government and Irish people, to the two public interest directors, Mr. Kearns and Mr. O’Farrell, on the board of Irish Nationwide Building Society, instructing them to take whatever course is necessary, and as the Taoiseach mentioned, in every respect. This includes a legal action, if necessary, to ensure the €1 million bonus is returned, along with the excess salary over and above the recommendation made by the Government’s watchdog. One cannot have a situation in which the Government wishes to portray an image of dealing with the banks separately from the situation that affects the public finances or the circumstances that face every worker today. I listened carefully to the words of the chairman of the Labour Relations Commission, Mr. Kieran Mulvey, who spoke this morning on Newstalk’s “Breakfast Show”, on which he expressed his grave concerns about what is happening in this regard. Mr. Mulvey is the person who effected the bridge between the Government and the trade unions in respect of the deal now to be decided on by thousands of workers. Does the Taoiseach not accept that if the Government appears to be powerless to deal with a small number of senior bankers for whom no pain is being taken and who have business as usual, that is, thumbing one’s nose at the office of the Taoiseach and the Government—— An Ceann Comhairle: Does the Deputy have a question? Deputy Enda Kenny: Is it not difficult for ordinary workers to understand that they are being asked to take pain in the national interest, in a deal brokered between the Government and the trade unions by the chairman of the Labour Relations Commission, when they see a bonus of €1 million being paid after the introduction of the Government guarantee, excess payments being made to the former chief executive and a litany of other matters in that institution and others? Is this not hard to understand when the Government appears powerless to stand in the face of the juggernaut of bankers at senior level and the manner in which they have got their way? Does the Taoiseach accept that the concerns expressed this morning by the chairman of the Labour Relations Commission are valid? Does he not accept that unless he acts swiftly and is seen to be acting—— Deputy P. J. Sheehan: Hear, hear. Deputy Enda Kenny: ——that average ordinary people, who must decide on this bridging mechanism, will find it very difficult to accept pain in the national interest when they see a small number of people deriving massive benefits to which they could never aspire? The Taoiseach: The Government is acting positively and proactively to try to ensure it fixes the system in which it is clear there have been systematic institutional failures with regard to the banking crisis. This is precisely what the Government is doing. As for the Deputy’s position, I sometimes wonder whether it is about maintaining an atmosphere of total negativity here regarding the economy and its prospects and whether that is his priority, rather than trying to see whether the issue can be dealt with. Deputy Bernard J. Durkan: Taoiseach, that is rubbish. The Government should have been doing that for the last ten years. 3 Leaders’ 21 April 2010. Questions The Taoiseach: Both can be done. An Ceann Comhairle: The Taoiseach, without interruption please. The Taoiseach: We can do both and we are doing both.
Load more

Recommended publications
  • Crisis and Change in Ireland (ARI)
    Area: Europa ARI 79/2011 Date: 28/4/2011 Crisis and Change in Ireland (ARI) Raj Chari* Theme1: The 2011 Irish election must be placed in the context of both the economic and the political crisis that preceded the vote in order to examine its results and consider Ireland’s future in Europe. Summary: After years of economic growth during the ‘Celtic Tiger’ boom, Ireland fell into economic decline as a result of its financial crisis in 2008. Ireland’s fall can best be understood as home-made, fuelled by speculation and lax regulation of the financial sector. In the context of this economic and financial crisis, Ireland then suffered a political crisis in which the Fianna Fáil (FF) government coalition lost legitimacy, prompting an early election on 25 February 2011. Unsurprisingly perhaps, a new coalition government comprised of Fine Gael (FG) and Labour came into being as a result. A major issue to be addressed by the new government relates to the renegotiation of the interest rates on the EU/IMF bailout agreed in December 2010. However, what remains unclear is how much this new government’s hands are already tied and whether or not the EU seeks to renegotiate the terms of the deal. Analysis: The Economic and Political Context For almost a decade before 2008, the ‘Celtic Tiger’ gained the attention of the world: after being a laggard in the EU economy throughout much of the 70s and 80s, from the late 90s Ireland was one of the fastest-growing EU economies and represented a model for growth.
    [Show full text]
  • Journalism, Politics and the Celtic Tiger Journalists
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by DCU Online Research Access Service Chapter 8 Declan Fahy A limited focus? Journalism, politics and the Celtic Tiger Journalists dominated the 2009 end-of-year bestseller lists with books castigating Ireland’s financial and political elites for causing the financial crisis that would eventually claim the country’s economic sovereignty. In The Bankers Shane Ross criticised bank executives and regulators for their close relationship that facilitated years of reckless property speculation, while in Who really runs Ireland? Matt Cooper laid out the elite nexus of bankers, developers, politicians and media owners that he argued allowed a thriving economy to overheat. In Ship of Fools, Fintan O’Toole traced the entwined Irish histories of economic mismanagement, political corruption and financial fraud that combined so disastrously in the crisis. In Follow the Money, David McWilliams described a panicked Irish government amid the 2008 global financial meltdown, as then finance minister Brian Lenihan, eating garlic to stay awake, paid a late-night visit to the columnist’s house for advice. In Anglo Republic, Simon Carswell forensically examined the succession of high-risk financial decisions by Anglo Irish Bank executives that forced the government to guarantee bank debts and deposits. These books unflinchingly laid out the national systemic political and financial failure that found apt symbolism, among international media, in the half-finished ‘ghost estates’ that littered the Irish countryside. 190 These post-crash books were cutting and critical. But such comprehensive analyses, commentators noted, were mostly absent during the boom years, from the mid-1990s to the mid-2000s, when Ireland’s economy expanded with unprecedented growth.
    [Show full text]
  • Annual-Financial-Report-2009.Pdf
    Contents 4 Chairman’s statement 255 Statement of Directors’ responsibilities in relation to the Accounts 6 Group Chief Executive’s review 256 Independent auditor’s report 8 Corporate Social Responsibility 258 Additional information 12 Financial Review 276 Principal addresses - Business description 278 Index - Financial data - 5 year financial summary - Management report - Capital management - Critical accounting policies - Deposits and short term borrowings - Financial investments available for sale - Financial investments held to maturity - Contractual obligations - Off balance sheet arrangements 59 Risk Management - Risk Factors - Framework - Individual risk types - Supervision and regulation 106 Corporate Governance - The Board & Group Executive Committee - Directors’ Report - Corporate Governance statement - Employees 119 Accounting policies 136 Consolidated income statement 137 Balance sheets 139 Statement of cash flows 141 Statement of recognised income and expense 142 Reconciliations of movements in shareholders’ equity 146 Notes to the accounts 1 Forward-Looking Information This document contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Group and certain of the plans and objectives of the Group. In particular, among other statements, certain statements in the Chairman’s statement, the Group Chief Executive’s review, and the Financial Review and Risk Management sections, with regard to management objectives, trends in results of operations, margins, risk management, competition and the impact of changes in International Financial Reporting Standards are forward-looking in nature.These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts.
    [Show full text]
  • Summary of the 27Th Plenary Session, October 2003
    BRITISH-IRISH INTER- PARLIAMENTARY BODY COMHLACHT IDIR- PHARLAIMINTEACH NA BREATAINE AGUS NA hÉIREANN _________________________ TWENTY-SEVENTH PLENARY CONFERENCE 20 and 21 OCTOBER 2003 Hanbury Manor Hotel & Country Club, Ware, Hertfordshire _______________________ OFFICIAL REPORT (Final Revised Edition) (Produced by the British-Irish Parliamentary Reporting Association) Any queries should be sent to: The Editor The British-Irish Parliamentary Reporting Association Room 248 Parliament Buildings Stormont Belfast BT4 3XX Tel: 028 90521135 e-mail [email protected] IN ATTENDANCE Co-Chairmen Mr Brendan Smith TD Mr David Winnick MP Members and Associate Members Mr Harry Barnes MP Mr Séamus Kirk TD Senator Paul Bradford Senator Terry Le Sueur Mr Johnny Brady TD Dr Dai Lloyd AM Rt Hon the Lord Brooke Rt Hon Andrew Mackay MP of Sutton Mandeville CH Mr Andrew Mackinlay MP Mr Alistair Carmichael MP Dr John Marek AM Senator Paul Coughlan Mr Michael Mates MP Dr Jerry Cowley TD Rt Hon Sir Brian Mawhinney MP Mr Seymour Crawford TD Mr Kevin McNamara MP Dr Jimmy Devins TD Mr David Melding AM The Lord Dubs Senator Paschal Mooney Ms Helen Eadie MSP Mr Arthur Morgan TD Mr John Ellis TD Mr Alasdair Morrison MSP Mr Jeff Ennis MP Senator Francie O’Brien Ms Margaret Ewing MSP Mr William O’Brien MP Mr Paul Flynn MP Mr Donald J Gelling CBE MLC Ms Liz O’Donnell TD Mr Mike German AM Mr Ned O’Keeffe TD Mr Jim Glennon TD Mr Jim O’Keeffe TD The Lord Glentoran CBE DL Senator Ann Ormonde Mr Dominic Grieve MP Mr Séamus Pattison TD Mr John Griffiths AM Senator
    [Show full text]
  • Northern Ireland Assembly
    NORTHERN IRELAND MINISTERIAL Statement ASSEMBLY North/South Ministerial Council Plenary Format Tuesday 17 February 2009 Mr Speaker: I have received notice from the Office of the First Minister and deputy First Minister that the deputy First Minister wishes to make a statement on The Assembly met at 10.30 am (Mr Speaker in the the North/South Ministerial Council in plenary format. Chair). The deputy First Minister (Mr M McGuinness): Members observed two minutes’ silence. Go raibh maith agat, a Cheann Comhairle. In compliance with section 52C(2) of the Northern Ireland Act 1998, we wish to make the following statement on the seventh meeting of the North/South Assembly BUSINESS Ministerial Council (NSMC) in plenary format, which was held at the University of Ulster at Magee on Mr Speaker: Mr Barry McElduff has sought leave Friday 23 January 2009. to make a personal statement in relation to a report by All Executive Ministers who attended the meeting the Committee on Standards and Privileges on a have approved this report that we make on their behalf. complaint by Mr Thomas Buchanan. The Executive delegation was led by the First Minister Mr McElduff: Go raibh maith agat, a Cheann and me, and we jointly chaired the meeting. Comhairle. Members will know that I am strongly In addition to the First Minister, junior Ministers opposed to the imposition of British symbols and Donaldson and Kelly and myself, our delegation emblems in this or any other part of Ireland. Tá a fhios comprised the Minister of Agriculture and Rural ag Comhaltaí an Tionóil an méid seo.
    [Show full text]
  • University of Limerick, Limerick, Ireland Telephone: +353-61-202700 Facsimile: +353-61-330316 Web
    University of Limerick, Limerick, Ireland Telephone: +353-61-202700 Facsimile: +353-61-330316 Web: www.ul.ie This Annual Report covers the period 1 October 2010 to 30 September 2011. It is also available on the UL website. UL Annual Report Academic Year 2010/2011 1 Annual Report Academic Year 2010/2011 Contents CHANCELLOR’S STATEMENT ...................................................................................... 4 PRESIDENT’S STATEMENT .......................................................................................... 5 GOVERNING AUTHORITY ............................................................................................ 6 List of Governors ........................................................................................................................................ 6 Corporate Secretary’s Office ......................................................................................................................... 7 ACADEMIC ......................................................................................................................... 8 Faculty of Arts, Humanities and Social Sciences ........................................................................................ 13 Irish World Academy of Music and Dance ................................................................................................ 16 Faculty of Education and Health Sciences .................................................................................................. 17 Faculty of Science and Engineering ............................................................................................................
    [Show full text]
  • State Involvement in the Magdalene Laundries
    This redacted version is being made available for public circulation with permission from those who submitted their testimonies State involvement in the Magdalene Laundries JFM’s principal submissions to the Inter-departmental Committee to establish the facts of State involvement with the Magdalene Laundries Compiled by1: Dr James M. Smith, Boston College & JFM Advisory Committee Member Maeve O’Rourke, JFM Advisory Committee Member 2 Raymond Hill, Barrister Claire McGettrick, JFM Co-ordinating Committee Member With Additional Input From: Dr Katherine O’Donnell, UCD & JFM Advisory Committee Member Mari Steed, JFM Co-ordinating Committee Member 16th February 2013 (originally circulated to TDs on 18th September 2012) 1. Justice for Magdalenes (JFM) is a non-profit, all-volunteer organisation which seeks to respectfully promote equality and advocate for justice and support for the women formerly incarcerated in Ireland’s Magdalene Laundries. Many of JFM’s members are women who were in Magdalene Laundries, and its core coordinating committee, which has been working on this issue in an advocacy capacity for over twelve years, includes several daughters of women who were in Magdalene Laundries, some of whom are also adoption rights activists. JFM also has a very active advisory committee, comprised of academics, legal scholars, politicians, and survivors of child abuse. 1 The named compilers assert their right to be considered authors for the purposes of the Copyright and Related Rights Act 2000. Please do not reproduce without permission from JFM (e-mail: [email protected]). 2 Of the Bar of England and Wales © JFM 2012 Acknowledgements Justice for Magdalenes (JFM) gratefully acknowledges The Ireland Fund of Great Britain for its recent grant.
    [Show full text]
  • The Banking Crisis in Ireland
    Munich Personal RePEc Archive The Irish Banking Crisis: Regulatory and Financial Stability Policy Honohan, Patrick and Donovan, Donal and Gorecki, Paul and Mottiar, Rafique Central Bank of Ireland 31 May 2010 Online at https://mpra.ub.uni-muenchen.de/24896/ MPRA Paper No. 24896, posted 11 Sep 2010 10:08 UTC The Irish Banking Crisis Regulatory and Financial Stability Policy 2003-2008 A Report to the Minister for Finance by the Governor of the Central Bank 31 May 2010 TABLE OF CONTENTS TABLE OF CONTENTS .............................................................................................................. i ABBREVIATIONS ...................................................................................................................... iv INTRODUCTION ......................................................................................................................... 1 Section 1: Terms of Reference ................................................................................................. 1 Section 2: Approach ................................................................................................................. 1 Section 3: Outline of Report..................................................................................................... 3 Section 4: Investigation Team .................................................................................................. 4 Section 5: Some Conventions .................................................................................................. 4 CHAPTER 1:
    [Show full text]
  • Da´Il E´Ireann
    Vol. 631 Thursday, No. 5 15 February 2007 DI´OSPO´ IREACHTAI´ PARLAIMINTE PARLIAMENTARY DEBATES DA´ IL E´ IREANN TUAIRISC OIFIGIU´ IL—Neamhcheartaithe (OFFICIAL REPORT—Unrevised) Thursday, 15 February 2007. Requests to Move Adjournment of Da´il under Standing Order 31 ………………1469 Order of Business ………………………………1470 Finance Bill 2007: Allocation of Time Motion …………………………1492 Financial Resolutions ……………………………1493 National Development Plan: Statements ………………………1498 Education (Miscellaneous Provisions) Bill 2007: Order for Second Stage ……………………………1518 Second Stage ………………………………1518 Referral to Select Committee …………………………1564 Ceisteanna — Questions Minister for Arts, Sport and Tourism Priority Questions ……………………………1564 Other Questions ……………………………1575 Adjournment Debate Matters ……………………………1589 Adjournment Debate Rail Services ………………………………1589 Questions: Written Answers ……………………………1593 1469 1470 DA´ IL E´ IREANN An Ceann Comhairle: The notice I received finished with “spring 2007”. ———— Mr. F. McGrath: I seek leave to move a motion De´ardaoin, 15 Feabhra 2007. for the Adjournment of the Da´il under Standing Thursday, 15 February 2007. Order 31 to discuss a matter of national import- ance and concern, namely, the huge price ———— increases in meat, vegetables, fruit, gas and elec- tricity and the 15% increase in rents for Dublin Chuaigh an Ceann Comhairle i gceannas ar City Council tenants, particularly those living on 10.30 a.m. the north side of Dublin and pensioners. I call on the Government to do something as a matter of ———— priority to assist our elderly, our disabled and Paidir. working people in general as they must put up Prayer. with these huge price increases which are affect- ing everyone’s quality of life. ———— Mr. P. Breen: I wish to seek the Adjournment Requests to move Adjournment of Da´il under of the Da´il under Standing Order 31 to discuss a Standing Order 31.
    [Show full text]
  • THE IRISH BANKING CRISIS Arthur L
    REVIEW OF BUSINESS AND FINANCE STUDIES ♦ VOLUME 5 ♦ NUMBER 2 ♦ 2014 THE IRISH BANKING CRISIS Arthur L. Centonze, Pace University CASE DESCRIPTION The 2007 financial crisis led to a steep decline in the supply of capital to organizations around the world. As liquidity dried up, countries such as Ireland with fragile and overextended credit environments, overpriced asset markets, and accommodative regulatory systems were vulnerable to the resulting shock waves. This case explores Ireland’s economic and financial circumstances before and during the crisis, and its response to the crisis in the face of mounting pressure from the European Commission, the European Central Bank and the IMF for action that would help bring Ireland and other stressed euro zone countries back from the brink. At the close of 2010, Minister for Finance Brian Lenihan Jr. needed to decide whether to accept financial assistance from Europe and the IMF or have Ireland go it alone. The case has a difficulty level appropriate for masters’ level or upper level bachelors’ students in finance or economics. It is most effectively taught to students who have been exposed to macroeconomics and introductory finance. The case is designed to be taught in 1.5-2 class hours and should require 2-4 hours of outside preparation by students. JEL: E44, G01, G21 KEYWORDS: Financial Crisis, Property Bubble, Banking Crisis, Government Policy INTRODUCTION he US financial crisis that began in August 2007 led to a steep decline in the supply of capital to financial institutions and corporations around the world resulting in deteriorating economic T conditions on a global scale.
    [Show full text]
  • Financial Regulation in Ireland – Past, Present and Future
    Patrick Honohan: Financial regulation in Ireland – past, present and future Speech by Mr Patrick Honohan, Governor of the Central Bank & Financial Services Authority of Ireland, at the Financial Services Ireland Annual Dinner, Dublin, 1 December 2009. * * * This evening I want to say a few words about the past, the present and the future of financial regulation in Ireland. As far as the past is concerned, it is conventional to assume that, in the recent words of Judge Richard Posner, applied to the US regulatory agencies in the run-up to their own crisis, “ignorance and inattention” were at the heart of regulatory failure. Whatever else about that assessment, it hardly represents an explanation. Nor is it credible that a few simple rules like “no 100% mortgages” would have prevented the disaster that has occurred. In seeking a deeper understanding of why things went wrong, I have been struck by the disruptive effect in Ireland of the attempt to adopt the new international fashion in supervisory practice that emerged in the late 1990s. This new fashion, which later underpinned aspects of the Basel 2 standard, involved a shift from scrutinising the accounts, the loan portfolio and other aspects of the books of financial firms, to focusing on procedures and models. The motivation for this shift was the rapidly growing complexity of banking and other financial business, including the use of derivatives and complex hedges. Precisely because of the rapidly growing complexity of banks’ business models, a supervisor who only looked at individual parts of a bank’s business (i.e., their exposures) on a piecemeal basis, without reference to the correlation of risks across those parts, would have a false picture of the institution’s overall risk.
    [Show full text]
  • Annual Report on the FR 2006
    Consumer P rotection with Innovation, Competitiveness and Competition | Annual Repor t of the F inancial Regula t or 2006 Consumer Protection with Innovation, PO BOX NO 9138 T +353 1 410 4000 COLLEGE GREEN, Consumer help-line Competitiveness and Competition DUBLIN 2, IRELAND lo call 1890 77 77 77 Register of Financial Service Providers help-line Annual Report of the Financial Regulator 2006 lo call 1890 20 04 69 F +353 1 410 4900 www.financialregulator.ie www.itsyourmoney.ie Information Centre: 6-8 College Green, Dublin 2 © Irish Financial Services Regulatory Authority. Annual Report of the Financial Regulator 2006 Contents Purpose Statement 2 Introduction 3 Chairman's Statement 4 Chief Executive's Report 6 Financial Regulator - 2006 at a glance 17 Values of the Central Bank and Financial Services Authority of Ireland 20 Chapter 1 - Establishing the Regulatory System 21 Chapter 2 - Promoting the Best Interests of Consumers 39 Chapter 3 - Fostering a Sound and Reputable Industry 65 Chapter 4 - Regulating Credit Unions 87 Chapter 5 - Improving Organisational Efficiency and Effectiveness 95 Chapter 6 - Financial Review 105 Chapter 7 - Corporate Governance 121 Appendix 1 - Public Consultations 126 Appendix 2 - Regulatory Notices and Rules 127 Appendix 3 - Guidance Notes 128 Appendix 4 - List of Publications 129 Appendix 5 - Progress Report on 2006 Strategy 130 Appendix 6 - Committees, Panels & Associated Bodies 140 Appendix 7 - Report on a study on the Credit Card Market 144 Appendix 8 - Technical Terms Explained 150 Appendix 9 - Financial Regulator Organisation Chart 152 Annual Report of the Financial Regulator 2006 Purpose Statement Our purpose is to help consumers make informed decisions in a safe and fair market and to foster sound financial institutions in Ireland 2 Annual Report of the Financial Regulator 2006 Introduction This Annual Report outlines how the Irish Financial Services Regulatory Authority (Financial Regulator) performed its functions and exercised its powers during 2006.
    [Show full text]