Financial Regulator to get tough on banks
11/03/2010 - 13:56:52Ireland's revamped financial regulatory regime will mete out tougher penalties, but this will take time to set up, the new Financial Regulator Matthew Elderfield said today.
In a speech in Dublin Mr Elderfield said the priority is to create an environment for banks to recapitalise by the right amount.
He acknowledged that weak regulation had contributed to Ireland's financial crisis and said he intends to implement a framework of assertive risk-based regulation underpinned by the credible threat of enforcement.
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