Ireland: financial regulation priorities

In a speech delivered yesterday, the Head of Financial Regulation at the new Central Bank outlined, for the first time in public, his priorities: see here (pdf). Here is an extract from the speech:

... the Government has decided to introduce legislation that will create a new Central Bank of Ireland encompassing activities currently carried out by the Financial Regulator. This legislation is expected very shortly ...

... I intend to implement a framework of assertive risk-based regulation underpinned by the credible threat of enforcement. We need to insist that the biggest and riskiest firms manage themselves better and that firms and their management are held more accountable for their actions ...

... it is clear that there have been fundamental failings in corporate governance. We will be coming forward with a package of proposals covering corporate governance standards, tougher fitness and probity requirements and guidelines on remuneration and risk taking. Many of these will extend beyond the banking sector to other categories of financial services firms but will be developed, in line with our risk-based approach, in a proportionate manner".