Financial Regulator
Rialtóir Airgeadais
Agency overview
Formed1 May 2003
Dissolved1 October 2010
Superseding agency
JurisdictionIreland
HeadquartersRepublic of Ireland Dublin
Agency executives
Parent agencyCentral Bank of Ireland
WebsiteWeb archive

The Financial Regulator (Irish: Rialtóir Airgeadais), officially the Irish Financial Services Regulatory Authority, was the single regulator of all financial institutions in Ireland from May 2003 until October 2010 and was a "constituent part" of the Central Bank of Ireland.[1][2] It was re-unified with the Central Bank of Ireland on 1 October 2010 and its board structure was replaced by a new Central Bank of Ireland Commission.

Matthew Elderfield, formerly head of the Bermuda Monetary Authority, led the organisation from January 2010 until it was disestablished in November 2010.[3] The previous chief executive officer was Patrick Neary, who retired early over the handling of the regulator's investigation into the €87 million in secret directors' loans at Anglo Irish Bank.[4][5] The incumbent before that, had companies he is a director of, fined a total of €3.35 million by his previous employers the Financial Regulator, for risk control and reporting failures.[6][7][8]

History

Establishment

The Financial Regulators HQ in Dame Street

The regulator was established on 1 May 2003 by the Central Bank and Financial Services Authority of Ireland Act, 2003.[9] The regulator was a distinct element of the Central Bank and Financial Services Authority of Ireland with clearly defined regulatory responsibilities which covered all Irish financial institutions, including those previously regulated by the Central Bank of Ireland, the Department of Enterprise, Trade and Employment, the Office of the Director of Consumer Affairs and the Registrar of Friendly Societies.

One of the regulators main mandates was a role in consumer protection. It also took over the policing of the Irish Stock Exchange on 1 November 2007, assuming day-to-day responsibility for detecting and investigating market abuse.[10] It had a headcount of 377.[11]

Developments that led to its disestablishment

Following the failure of the then-regulatory structures to prevent excessive lending to the property sector,[12] consultants Mazars, which were brought in to review operations said that "regulatory expertise was lacking in some areas."[13]

Responding to the highlighted weakness, Brian Lenihan, the then Minister for Finance, said "substantial additional staff with the skills, experience and market-based expertise will be appointed. Those recruited will also have the expertise to regulate the international financial services sector."[14] He also announced that all consumer functions will be '"reassigned"' to other agencies.[15]

In June 2009 the government announced that a new body, called the Central Bank of Ireland Commission, would replace the then board structure of the Central Bank and the Regulator.[16] A July 2009 editorial, in the respected Sunday Business Post, said "returning the key powers of regulation to the Central Bank will be useless unless there is a fundamental change in the culture of the organisation. This does not require a complete change of personnel, but a change of key personnel."[17] The Irish Times, a national "newspaper of record" opined that "the Financial Regulator has a death wish and its regulatory edict verges on the Pythonesque, eating into what is left of its credibility."[18] Staff, who worked 32.5 hours per week or 6.5 hours a day,[19] went on strike in November 2009[20]

Controversy

2004 Sachen LB case

The Financial Regulator was warned by the German regulator, BaFin, as early as 2004 that Sachsen LB's troubled Irish subsidiaries were involved in highly risky and under-scrutinised transactions worth as much as €30bn or 20 times the parent bank's capitalisation. Despite the warning, in 2007 the Regulator approved another Sachsen investment vehicle and two months later the stable of off-balance sheet companies needed a €17.3bn bail-out from the German association of savings banks to keep Sachsen afloat.[21][22]

Wild West of European finance

The Irish Brokers Association said there was "intense frustration and annoyance" about excessive red tape and the FR refusing to listen to them in 2005.[23]

The same year the Regulator was criticised for publishing a report, which it was said, read a bit like a promotional brochure for the money lending industry. It included a section devoted to arguing why moneylenders should be allowed to charge as much as they do. (188%-plus collection fees of up to 11%.)[24]

The New York Times referred to the Irish insurance industry as the "Wild West of European finance" in April 2005 which was seen to underline the fragility of the Country's Financial Regulation system.[25][26][27][28]

Dissatisfaction with the regulator

The Australian Authorities warned the Financial Regulator of the activities of person connected with the largest bankruptcy in that country's history. The FR did nothing, he went on to commit a US$500 million fraud and pleaded guilty in the US despite the crime being committed in Ireland.[29][30][31][32]

Their consumer panel stated that the regulator was slow to respond to consumer issues and '"appears to seek complexity and obstacles rather than to seek consumer-oriented solutions to current and emerging problems"'. And it warned that this approach can undermine consumer confidence in the "efficacy of the regulatory process. "[33]

The same month in 2006, a government-appointed panel that consisted of banking and insurance representatives revealed widespread dissatisfaction with the regulator’s skills base.[34][35]

The regulator’s industry panel, which provided the regulator with feedback on its charges and policies said the levy on financial institutions for industry funding was ‘'perceived by industry as cumbersome and bureaucratic'’ and had ‘'major concerns with the quality and cost of the services'’ provided to the regulator by the Central Bank.[36]

They did not give their consumer panel a copy of the report of the working group set up following the collapse of a stockbrokers,[37][38] where some investors were waiting over 7 years to have their claims processed.[39] When the panel managed to get sight of it, they said it was "extremely deficient"[40][41]

2007 calls for an independent review

In July 2007, the Comptroller and Auditor General called for an independent review of the inspection process for financial institutions carried out by the Financial Regulator. The Comptroller urged the introduction of clearly defined risk categories for individual areas of financial services, so that the appropriate level of supervision required for each institution can be implemented in line with the risk involved.[42]

Transcripts of phone calls by the Financial Regulator's senior staff suggested they gave tacit approval to the illicit movement of deposits involving Irish Life and Permanent plc. "Okay, that's grand, right I think that's everything". The regulator refused to say whether staff might face disciplinary procedures or sanctions if the transcripts were validated and investigated internally.[43]

Allied Irish bank case

The Financial Regulator knew that Allied Irish Banks were overcharging consumers in FX fees but failed to act for a number of years.[44][45] They gave a parliamentary inquiry the "false impression" that they were unaware of it.[46][47] The whistleblower who gave the FR the information was requested to come to a meeting with them but was only invited to withdraw the allegations of wrongdoing and at the same time found himself removed from his position at Allied Irish Banks without any reason given. After his case was highlighted in the media, the FR officially apologised on how the authorities treated him, eight years after alerting them of overcharging.[48]

The same whistleblower also sent a report entitled 'Special Investigation Goodbody Stockbrokers – Trading in AIB Shares' to the FR, in which questions were raised about the legality of a device used to trade in AIB shares through offshore locations in blacklisted tax havens Nevis and Vanuatu. No action was taken.[49]

Deficient response from the regulator

The Financial Services Consultative Consumer Panel, which was tasked with monitoring the performance of the Financial Regulator, said that most consumers had lost "significant amounts of money" due to the inadequacies of the financial regulatory structure. It also criticised the "deficient" response of the regulator to threats to consumers, including the Irish property bubble.[50] In response they said "It is clear that the actions we took were insufficient and were not taken early enough",[51][52][53]

The Fine Gael leader Enda Kenny and finance spokesman Richard Bruton called for the board and senior management of the Financial Regulator to be sacked.[54][55] Independent Senator, Shane Ross said that the FR was an institution that had lost the faith of the international markets "They think it is actually genetically flawed. That is the problem we’re going to have to attack next".[56]

Ernst & Young and the bank guarantee scheme

Ernst & Young was hired, to advise the Financial Regulator on the €440 billion bank guarantee scheme in January 2009,[57] despite the fact that Ernst & Young[58][59] was being investigated[60] arising from its audits of Anglo Irish Bank[61] and had also refused to appear before a parliamentary committee following the collapse of the same bank after receiving "legal advice".[62][63] The then Chief Executive of the Financial Regulator told the same committee that "a lay person would expect that issues of this nature and this magnitude would have been picked up” by the external auditors.[61] At the same time the lowest tender was not chosen for the fit out of new offices in Spencer Dock in Dublin's docklands.[64]

FR muzzles critical comments

In July 2009, they blocked insurers and banks from making any critical statements containing "any references to the Financial Regulator" by means either of "public press statements" or un-approved public references, whether "written or oral."[65]

Credit union perpetual bond case

Two reports of an investigation into the "wholly inappropriate sale of perpectual bonds" by Davy Stockbrokers to credit unions failed to involve any of the credit unions affected, leaving them "in the dark and powerless to add any value to the findings of this investigation". The FR then declined to give them access to the reports. The Chairman of one of the Credit Union's who suffered large losses told his members ‘'The failure to publish the reports is to place the complaints process in a shroud of secrecy. Such a failure of openness, transparency and fairness can only serve to undermine confidence in the complaints process, forcing those with grievances into the courts. Such a course of action is not in the interest of any of the stakeholders".[66]

They had to admit that it had issued private warnings to over 30% of credit unions about their arrears levels, but refused to provide full updates on what percentage of credit union loans are in arrears or how quickly they are increasing.[67][68] This raised questions about the Financial Regulator's commitment to openness.[69][70][71]

German regulators Depfa Bank criticism

The next month, the head of the German Financial Regulator told the Bundestag Finance Committee that the failure of the "terrible" Depfa Bank, which was completely supervised by the Irish Financial Regulator, lead to the collapse of its German parent which forced Berlin to bail it out at a cost of €102 billion. The committee was told that the alternative was a run on German banks and the eventual collapse of the European finance system and "You would have woken up on Monday morning in the film Apocalypse Now"[72] The bank had just 319 employees[73][74] but was allowed to guarantee loans valued at 14 times Ireland's Gross Domestic Product.[75] A former Governor of the FR's parent, the Central Bank of Ireland, was a director of Depfa.[76] Regulatory failure was acknowledged and this is a source of continuing friction with the German authorities.[77][78]

Non transparency

Transparency International[79] have questioned whether the Financial Regulator should continue to have an exemption from Freedom of Information legislation.[80] Compliance experts[81][82] have said "The most offensive confidentiality provision in Ireland is the one which protects the Financial Regulator"[83] Both the Financial Services Ombudsman and Information Commissioner,[84] are among others,[85][86][87] who called for a lifting of the confidentiality applied by the regulator to much of its work.[88][89] Other EU regulators have a policy of transparency.[90][91]

In Autumn of the same year, they were severely criticised in a report marked "strictly confidential and not for publication", commissioned on how it operates, said they were poor value for money and had too few specialist staff, compared with its peers.[92] There were also serious shortcomings in the crucial supervisory area.[93][94] and the report was particularly critical of the regulator’s senior management structure, concluding that a clear management and oversight framework, which ensures that issues are escalated through the organisation, was "not fully in place".[95]

Regret of the regulators creation

Former Taoiseach Bertie Ahern, in a report in the Financial Times said that his decision in 2001 to create a new financial regulator was one of the main reasons for the collapse of the Irish banking sector and "if I had a chance again I wouldn’t do it".[96] "The banks were irresponsible," he admitted "But the Central Bank and the Financial Regulator seemed happy. They were never into us saying – ever – 'Listen, we must put legislation and control on the banks'. That never happened."[97]

Regulatory failures

The director general of the Free Legal Advice Centres in October 2009 said, the code of conduct on mortgage arrears produced by the Financial Regulator was "deeply disappointing", and did not offer enough protection for consumers.[98]

In a speech, the Governor of the Central Bank said that "ignorance and inattention" by FR staff were to blame for regulatory failure.[99][100]

The Consumer Consultative Panel, in December 2009 said that they were unable to function for almost a year because officials ignored requests for meetings and "we believe it is unacceptable that the board of the Financial Regulator has failed to take responsibility for their stewardship of the organisation during the last six years.The FR did not understand many of the sectors and financial products it regulates.[101] These failings undermines their ability to enhance or enforce corporate governance in the wider financial services sector.It also warned "that the reforms announced to date were not sufficient to avert more crisis' in the future."[102][103]

The Financial Regulator should give an annual statement to the Dáil on bank supervision to make regulation ‘'more accountable'’, the Comptroller and Auditor General said in March 2010 after highlighting shortcomings in financial regulation leading up to the financial crisis .[104][105][106]

The next month, the FR Chief Executive outlined his shock at the poor level of financial regulation he discovered when he started his job the previous January and "it is clear to me we need to undertake a fundamental overhaul of the regulatory model for financial services in Ireland.[107] He also said that there was a "critical absence of intellectual firepower within his staff[108]

At the same time the influential German newspaper Siddeutsche Zeitung described as "remarkable" the FR's handling of a whistleblower's revelations that an Irish subsidiary of a central European bank had 40 times the permitted level of deviation of minimum liquidity requirements. They also did not inform the parent bank and the relevant regulatory authority on the continent.[109][110]

Regulator allowed poor lending practices

High risk and sloppy lending practices at the Irish Nationwide Building Society were reported to the Financial Regulator by external accountants over a long period but did not change its behaviour. The former head of compliance, became a whistle blower by reporting "dodgy practices" but again the authorities did nothing.[111][112] It required a €5.4 billion[113] Government bailout, leaving it effectively in State ownership.[114][115] A letter which the FR received concerning the legality of the illicit loans by the Building Society to Sean FitzPatrick had "gone missing".[116] Management at Irish Nationwide used to arrange meetings with the FR for late on a Friday afternoon, knowing that the regulator's staff would not want for the encounter to last for more than an hour because it would nibble into their weekend.[117]

The chief executive was asked at a parliamentary committee "In regard to baseline qualifications, if your staff is regulating the financial sector, should it not be the case where they should have the bare minimum required in the market as well, a qualified financial adviser status, or they've gone through certain industry exams. It's obviously important to have." But the FR chief disagreed: "I don't agree with that. But I think I'm conflicted because I've never taken a professional exam in my life."[118]

Regulators failings during the 2008 financial crisis

June 2010 reports[119][120] on the financial crisis did not ask the opinion of their consumer consultative panel, who in a statement said it was "very disappointed that, in particular, the report by the FR's ultimate head did not refer to the work of the panel in highlighting many of the failings of the regulator in the past number of years."[121][122] Fresh areas of concern included the lack of minute-taking at senior levels in the Financial Regulator and among its board. "If this is the situation that prevails, then this has to be a source of concern regarding the standard of governance."

One of the reports noted that the Financial Regulator had found substantial departures from credit policy during inspections of banks, but failed adequately to follow up on its concerns. Secondly intrusive demands from regulatory staff could be and were set aside after direct representations were made to senior regulators.[123]

Two months later, it emerged that the FR authorised the Quinn Group (which subsequently went into administration) to borrow €169 million from Anglo Irish Bank in order to buy Anglo Irish shares (which subsequently had to be nationalised at a cost of €5,500 for every man, woman and child in the State[124]).[125] Its actions were described as "like the Vatican running an abortion clinic."[126][127][128][129]

On her September 2010 state tour to Russia, the President of Ireland Mary McAleese, highlighting the importance of competence, launched an unprecedented attack on the Financial Regulator for their role in the financial crisis which resulted in tens of thousands of people in mortgage arrears.[130][131]

The same month, it was reported that the German television station ZDF in a programme filmed in Ireland on banking said ‘'is an open secret that the rules here are not exactly strict'’.[132]

Almost simultaneously external reviewers highlighted the "unacceptable" pace of investigation into how the financial system in Ireland came close to collapse "leaves a lot to be desired". This was contrasted with the US and Iceland, which have moved faster to examine what went wrong. "Furthermore, there has been very little outcome from ongoing investigations into dealings at some of our major institutions by the Financial Regulator".[133][134]

Criminal prosecutions by the Garda Síochána against managers in banks who committed offences are being undermined as the FR were aware of the alleged offences, took no action to stop them and thus provided an arguable defence to those who committed wrongdoing, as they could reasonably claim they were acting with the approval of regulatory authorities at all times. One line of inquiry being investigated by detectives is that the FR did not inform the Department of Finance of all facts they knew about the banking industry. Two arrests were made following a complaint made by two officials in the Financial Regulator's office.[135][136][137][138]

The European Commission in a November 2010 review of the financial crisis said "Some national supervisory authorities failed dramatically. We know that in Ireland there was almost no supervision of the large banks".[139]

Davy Stockbrokers case

Five years elapsed before the FR forced Davy Stockbrokers to inform investors, who lost tens of millions of Euro, that ‘'the instrument sold was not compliant with the Trustees (Authorised Investments) Order at the time of its sale as it was not listed on a recognised Stock Exchange'’ and it "dealt as principal in both the purchase and sale and was in breach of the rules of the Irish Stock Exchange by not disclosing this fact on its contract note'’. The effected parties had settled their claim against the stockbroker, before receiving the notification, and it was suggested they could have received much more compensation if the FR had ensured that their adverse findings about the case was communicated. The full report was not published and no regulatory action was taken.[140]

International Monetary fund review

Within days, after the arrival in Ireland of the International Monetary Fund, they admitted that the stress tests on banks, that the FR conducted 4 months earlier[141] "failed to convince financial markets"[142] and the level of capital that the banks needed which they recently described as at "shock and awe" safety levels would be increased by 50 per cent.[143]

See also

References

  1. ↑ "Central Bank and Financial Services Authority of Ireland Act 2003, Section 26". Government of Ireland. 22 April 2003. Archived from the original on 9 September 2010. Retrieved 4 December 2010.
  2. ↑ "2007 Annual Report" (PDF). Financial Regulator. 18 April 2008. Retrieved 3 December 2010.
  3. ↑ "Central Bank appoints Englishman to top job". The Irish Independent. 20 October 2009. Archived from the original on 21 October 2009. Retrieved 20 October 2009.
  4. ↑ "Neary to retire as Regulator". RTÉ. 9 January 2009. Archived from the original on 22 February 2011. Retrieved 14 October 2010.
  5. ↑ Sinead Ryan (10 January 2009). "Financial regulator Patrick Neary has finally taken early retirement". Evening Herald. Archived from the original on 1 August 2012.
  6. ↑ Webb, Nick (25 October 2009). "Ex-regulator red-faced as bank hit by €2.75m fine". Irish Independent. Archived from the original on 1 February 2010. Retrieved 7 December 2009.
  7. ↑ "Settlement Agreement between the Financial Regulator and Merrill Lynch" (PDF). Financial Regulator. 22 October 2009. Archived from the original (PDF) on 21 July 2011.
  8. ↑ "Settlement Agreement between the Financial Regulator and Irish Life" (PDF). Financial Regulator. 3 September 2009. Archived from the original (PDF) on 21 July 2011.
  9. ↑ "Central Bank and Financial Services Authority of Ireland Act 2003". Irishstatutebook.ie. Archived from the original on 12 November 2011. Retrieved 18 October 2011.
  10. ↑ "Financial Regulator takes over monitoring of stock market | BreakingNews.ie". Archives.tcm.ie. 14 January 2006. Archived from the original on 12 August 2007. Retrieved 18 October 2011.
  11. ↑ Africa (17 February 2010). "Financial Regulator wants to double his staff to 700 – Irish, Business". The Irish Independent. Archived from the original on 23 October 2012. Retrieved 18 October 2011.
  12. ↑ Taylor, Cliff (14 June 2009). "Government discussing reform of financial regulation | The Post". Archives.tcm.ie. Retrieved 18 October 2011.
  13. ↑ Africa (27 June 2009). "Top watchdog job to be split three ways in regulatory overhaul – Irish, Business". The Irish Independent. Archived from the original on 3 August 2012. Retrieved 18 October 2011.
  14. ↑ "Minister for Finance Brian Lenihan TD announces major reform of the institutional structures for regulation of financial services in Ireland – Department of Finance – Government of Ireland". Finance.gov.ie. Archived from the original on 28 September 2011. Retrieved 18 October 2011.
  15. ↑ "REGULATORY UPDATE 3/2009 (Special Edition)" (PDF). Compliance Ireland. 22 February 2011. Archived from the original (PDF) on 22 February 2011. Retrieved 24 September 2020.
  16. ↑ "Thu, Jun 18, 2009 – New financial regulatory system announced". The Irish Times. 6 June 2009. Archived from the original on 17 December 2021. Retrieved 18 October 2011.
  17. ↑
  18. ↑ "Mon, Nov 09, 2009 – Ban on short selling is now long past its sell-by date". The Irish Times. 11 November 2009. Archived from the original on 13 February 2011. Retrieved 18 October 2011.
  19. ↑ David Coleman (24 August 2010). "Staff at Central Bank a class act – Letters, Opinion". The Irish Independent. Archived from the original on 24 October 2010. Retrieved 18 October 2011.
  20. ↑ "Central Bank of Ireland – Industrial Action – Friday 27 November 2009". Financialregulator.ie. 27 November 2009. Archived from the original on 2 October 2011. Retrieved 18 October 2011.
  21. ↑
  22. ↑
  23. ↑
  24. ↑
  25. ↑ "Tue, Feb 24, 2009 – Time finally to tackle our blatant failings". The Irish Times. 2 February 2009. Archived from the original on 29 November 2010. Retrieved 18 October 2011.
  26. ↑ Lavery, Brian; O'Brien, Timothy L. (1 April 2005). "Insurers' Trails Lead to Dublin". The New York Times. Archived from the original on 11 March 2016. Retrieved 7 February 2017.
  27. ↑ Lavery, Brian; O'Brien, Timothy L. (1 April 2005). "Insurers' Trails Lead to Dublin". The New York Times. Archived from the original on 11 March 2016. Retrieved 7 February 2017.
  28. ↑ Lavery, Brian; O'Brien, Timothy L. (1 April 2005). "Insurers' Trails Lead to Dublin". The New York Times. Archived from the original on 11 March 2016. Retrieved 7 February 2017.
  29. ↑ O'Toole Fintan, Ship of Fools, pages 137–141, Faber and Faber Ltd, 2010 ISBN 978-0-571-26075-1
  30. ↑ "Former General Re Executive Given Probation". Insurancejournal.com. 18 June 2009. Archived from the original on 12 September 2011. Retrieved 18 October 2011.
  31. ↑ "#314: 06-09-05 GEN RE EXECUTIVE JOHN HOULDSWORTH PLEADS GUILTY IN FRAUD SCHEME, AGREES TO COOPERATE WITH INVESTIGATION". Justice.gov. 9 June 2005. Archived from the original on 27 October 2011. Retrieved 18 October 2011.
  32. ↑ "Focus: Spitzer rides into town". Badfaithinsurance.org. 24 April 2005. Archived from the original on 1 October 2011. Retrieved 18 October 2011.
  33. ↑ "Mon, Sep 25, 2006 – Financial regulator looks past consumers". The Irish Times. 9 September 2006. Archived from the original on 16 October 2012. Retrieved 18 October 2011.
  34. ↑ Clerkin, David (23 July 2006). "Consumer body attacks Financial Regulator | The Post". Archives.tcm.ie. Retrieved 18 October 2011.
  35. ↑ Clerkin, David (16 July 2006). "Skills deficit main worry for Financial Regulator | The Post". Archives.tcm.ie. Retrieved 18 October 2011.
  36. ↑ McBride, Louise (1 April 2007). "Financial Regulator is questioned by own advisers | The Post". Archives.tcm.ie. Retrieved 18 October 2011.
  37. ↑
  38. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 31 December 2010. Retrieved 8 July 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  39. ↑ Keane, Conor (3 December 2008). "Morrogh clients still awaiting claims process | Irish Examiner". Archives.tcm.ie. Archived from the original on 1 July 2012. Retrieved 18 October 2011.
  40. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 31 December 2010. Retrieved 22 December 2009.{{cite web}}: CS1 maint: archived copy as title (link)
  41. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 31 December 2010. Retrieved 23 August 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  42. ↑ "Review inspections, watchdog urged – RTÉ News". Rte.ie. 27 July 2007. Archived from the original on 11 March 2011. Retrieved 18 October 2011.
  43. ↑ "Financial Regulator says Anglo memos passed on". Archived from the original on 15 May 2009. Retrieved 29 June 2009.
  44. ↑ "Old Domain for the Sunday Tribune Ireland". Archived from the original on 8 March 2016. Retrieved 5 January 2011.
  45. ↑ Barrington, Kathleen (5 April 2009). "Did the Regulator fail to act on AIB? | The Post". Archives.tcm.ie. Retrieved 18 October 2011.
  46. ↑ "Tue, Mar 24, 2009 – Regulator knew of AIB overcharging, says auditor". The Irish Times. 3 March 2009. Archived from the original on 17 December 2021. Retrieved 18 October 2011.
  47. ↑ "Wed, May 13, 2009 – Regulator's general failure is to blame for carnage now afflicting Irish households". The Irish Times. 5 May 2009. Archived from the original on 16 October 2012. Retrieved 18 October 2011.
  48. ↑ Independent Woman (5 October 2010). "Whistleblower McErlean to get official apology from Regulator – Irish, Business". The Irish Independent. Archived from the original on 11 March 2011. Retrieved 18 October 2011.
  49. ↑ "AIB Mysteries Still Unexplained". The Sunday Business Post. Dublin, Ireland. 10 October 2010.
  50. ↑ "Tue, May 26, 2009 – Regulator 'added to slump' by failing to curb property bubble". The Irish Times. 5 May 2009. Archived from the original on 16 October 2012. Retrieved 20 February 2020.
  51. ↑ Top 20 football chants (21 July 2009). "Banks regulator says response to crisis was 'insufficient' – Irish, Business". The Irish Independent. Archived from the original on 2 August 2012. Retrieved 18 October 2011.{{cite news}}: CS1 maint: numeric names: authors list (link)
  52. ↑
  53. ↑ McEnroe, Juno (19 November 2009). "Regulator admits it was slow to act | Irish Examiner". Archives.tcm.ie. Archived from the original on 7 July 2012. Retrieved 18 October 2011.
  54. ↑ "Sun, Feb 22, 2009 – Financial Regulator board should be sacked – FG". The Irish Times. 2 February 2009. Archived from the original on 17 December 2021. Retrieved 18 October 2011.
  55. ↑ "Kenny wants Regulator board to resign – RTÉ News". Rte.ie. 15 February 2009. Archived from the original on 17 February 2009. Retrieved 18 October 2011.
  56. ↑ "Fri, Feb 20, 2009 – Concern over Government use of advisers also linked to banks". The Irish Times. 2 February 2009. Archived from the original on 16 October 2012. Retrieved 18 October 2011.
  57. ↑ Curran, Richard (18 January 2009). "Regulator hires partner from Anglo auditor | The Post". Archives.tcm.ie. Archived from the original on 14 September 2009. Retrieved 18 October 2011.
  58. ↑ Lorna Lancaster 12 January 2009 (12 January 2009). "Where Were The Auditors « Shane Ross". Shane-ross.ie. Archived from the original on 13 February 2012. Retrieved 18 October 2011.{{cite web}}: CS1 maint: numeric names: authors list (link)
  59. ↑ "Sat, Jan 17, 2009 – Anglo's board and auditors criticised at egm Shareholders told FitzPatrick owed bank a total of €129m in 2007". The Irish Times. 1 January 2009. Archived from the original on 22 May 2011. Retrieved 18 October 2011.
  60. ↑ "Fri, Dec 19, 2008 – Drumm resigns as chief executive of Anglo Irish". The Irish Times. 12 December 2008. Archived from the original on 19 September 2012. Retrieved 20 February 2020.
  61. 1 2 "Wed, Jan 14, 2009 – FitzPatrick Anglo loans were more than €87m". The Irish Times. 1 January 2009. Archived from the original on 22 May 2011. Retrieved 20 February 2020.
  62. ↑ "Anglo auditors won't be at committee – RTÉ News". Rte.ie. 2 February 2009. Archived from the original on 11 March 2011. Retrieved 18 October 2011.
  63. ↑ How to wear (2 February 2009). "Anglo's external auditors decline to appear before Oireachtas Committee – National News, Breaking News". The Irish Independent. Archived from the original on 15 April 2009. Retrieved 18 October 2011.
  64. ↑ "Central Bank and Regulator to spend €8m on new offices". Archived from the original on 3 March 2009. Retrieved 5 January 2011.
  65. ↑ Africa (3 July 2009). "Watchdog puts muzzle on critical statements issued by the banks – Irish, Business". The Irish Independent. Archived from the original on 20 October 2012. Retrieved 18 October 2011.
  66. ↑ Barrington, Kathleen (19 July 2009). "Eircom credit union slams regulator over Davy debacle | The Post". Archives.tcm.ie. Retrieved 18 October 2011.
  67. ↑ Hennessy, Niamh (13 November 2009). "Credit Union fund may not be big enough | Irish Examiner". Archives.tcm.ie. Archived from the original on 9 July 2012. Retrieved 18 October 2011.
  68. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 31 December 2010. Retrieved 23 August 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  69. ↑ "Business as usual at the Financial Regulator". Archived from the original on 9 August 2009. Retrieved 1 December 2009.
  70. ↑ Hennessy, Niamh (14 November 2009). "Credit unions warned of loan risk | Irish Examiner". Archives.tcm.ie. Archived from the original on 8 July 2012. Retrieved 18 October 2011.
  71. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 31 December 2010. Retrieved 23 August 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  72. ↑ "Fri, Aug 07, 2009 – German MPs grapple with Dublin bank's financial woes". The Irish Times. 8 August 2009. Archived from the original on 16 October 2012. Retrieved 18 October 2011.
  73. ↑ O' Toole Fintan, Ship of Fools, Page 126, Faber and Faber Ltd 2010, ISBN 978-0-571-26075-1
  74. ↑
  75. ↑ Mc Williams David, Follow the Money, Page 153, Gill & Macmillan Ltd 2010, ISBN 978-0-7171-4807-3
  76. ↑ "Sat, Jan 02, 2010 – Former Irish Depfa directors may be sued by parent group". The Irish Times. 1 January 2010. Archived from the original on 27 February 2011. Retrieved 18 October 2011.
  77. ↑ David Coleman (19 November 2009). "Tough at the top, but change will come from listening to the masses – Irish, Business". The Irish Independent. Archived from the original on 16 October 2011. Retrieved 18 October 2011.
  78. ↑ Independent Woman (4 June 2009). "Depfa demise could have been Ireland's biggest headache – Irish, Business". The Irish Independent. Archived from the original on 16 October 2011. Retrieved 18 October 2011.
  79. ↑ "National Integrity Systems: Ireland 2009" (PDF). Transparency International Ireland. 22 February 2011. Archived from the original (PDF) on 22 February 2011. Retrieved 24 September 2020.
  80. ↑ "Archived copy". www.transparency.ie. Archived from the original on 22 February 2011. Retrieved 13 January 2022.{{cite web}}: CS1 maint: archived copy as title (link)
  81. ↑ "Kevin O'Doherty". Archived from the original on 20 November 2009. Retrieved 20 December 2009.
  82. ↑ "Peter Oakes". Archived from the original on 18 November 2009. Retrieved 20 December 2009.
  83. ↑ "REGULATORY UPDATE 11/2009" (PDF). Compliance Ireland. 22 February 2011. Archived from the original (PDF) on 22 February 2011. Retrieved 24 September 2020.
  84. ↑ Top 20 football chants (29 April 2009). "Watchdog wants NAMA dealings made public – National News". The Irish Independent. Archived from the original on 24 October 2012. Retrieved 18 October 2011.{{cite news}}: CS1 maint: numeric names: authors list (link)
  85. ↑ David Coleman (29 April 2010). "Ombudsman blasts rise in state secrecy – National News". The Irish Independent. Archived from the original on 24 October 2012. Retrieved 18 October 2011.
  86. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 21 July 2011. Retrieved 5 January 2011.{{cite web}}: CS1 maint: archived copy as title (link)
  87. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 21 July 2011. Retrieved 5 January 2011.{{cite web}}: CS1 maint: archived copy as title (link)
  88. ↑ "Tue, Dec 22, 2009 – Regulator pledges 'more intrusive' bank supervision". The Irish Times. 12 December 2009. Archived from the original on 19 October 2012. Retrieved 18 October 2011.
  89. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 21 July 2011. Retrieved 5 January 2011.{{cite web}}: CS1 maint: archived copy as title (link)
  90. ↑ "Overview of the FSA". Fsa.gov.uk. Archived from the original on 12 November 2008. Retrieved 18 October 2011.
  91. ↑ "The Principle of Public Access – Finansinspektionen". Fi.se. 26 April 2010. Archived from the original on 17 August 2010. Retrieved 18 October 2011.
  92. ↑ Top 20 football chants (7 October 2009). "Watchdog blasted in its own confidential report – Irish, Business". The Irish Independent. Archived from the original on 14 September 2012. Retrieved 18 October 2011.{{cite news}}: CS1 maint: numeric names: authors list (link)
  93. ↑ Brian O’Mahony (8 October 2009). "Report exposes Financial Regulator's 'shortcomings'". Irish Examiner. Archived from the original on 26 August 2011. Retrieved 18 October 2011.
  94. ↑ "Wednesday Newspaper Review – Irish Business News and International Stories – - October 07, 2009". Finfacts.ie. Archived from the original on 27 September 2011. Retrieved 18 October 2011.
  95. ↑ "Wed, Oct 14, 2009 – Report critical of Financial Regulator". The Irish Times. 10 October 2009. Archived from the original on 18 October 2012. Retrieved 18 October 2011.
  96. ↑ "/ Europe – Ahern admits to part in Irish crisis". Financial Times. 15 October 2009. Archived from the original on 27 February 2010. Retrieved 18 October 2011.
  97. ↑ Jody Corcoran (30 June 2013). "Jody Corcoran: The real 'axis of collusion' was that of see no evil, hear no evil, speak no evil". The Irish Independent. Archived from the original on 3 April 2015. Retrieved 19 March 2015.
  98. ↑ Nice Change. "Mortgage lenders turn heat on debtors – News, Frontpage". Herald.ie. Archived from the original on 4 August 2012. Retrieved 18 October 2011.
  99. ↑ "Honohan says "ignorance and inattention" were at the heart of regulatory failure; IFSC group warns income tax hikes will cause job losses". Finfacts.ie. Archived from the original on 27 September 2011. Retrieved 18 October 2011.
  100. ↑ "The Central Bank & Financial Services Authority of Ireland". 26 July 2010. Archived from the original on 26 July 2010. Retrieved 24 September 2020.
  101. ↑ "Financial Regulator didn't protect consumers – RTÉ News". Rte.ie. 21 December 2009. Archived from the original on 22 February 2011. Retrieved 18 October 2011.
  102. ↑ "Mon, Dec 21, 2009 – Regulator failed to protect consumers, says report". The Irish Times. 12 December 2009. Archived from the original on 27 November 2010. Retrieved 20 February 2020.
  103. ↑ "Financial Regulator under fire". Newstalk.ie. 21 December 2009. Archived from the original on 5 September 2012. Retrieved 18 October 2011.
  104. ↑ Kehoe, Ian (14 March 2010). "Call for Financial Regulator to address Dáil | The Post". Sbpost.ie. Archived from the original on 5 June 2011. Retrieved 18 October 2011.
  105. ↑ "Special Report 72: Financial Regulator Press Release – Office of the Comptroller and Auditor General – Ireland". Audgen.gov.ie. 22 March 2010. Archived from the original on 2 October 2011. Retrieved 18 October 2011.
  106. ↑ "Shortcomings in financial regulation – report – Business & Finance". Businessandfinance.ie. 22 March 2010. Archived from the original on 3 October 2011. Retrieved 18 October 2011.
  107. ↑ Independent Woman (15 April 2010). "Watchdog tells of shock at lax levels of enforcement – Irish, Business". The Irish Independent. Archived from the original on 2 August 2012. Retrieved 18 October 2011.
  108. ↑ David Coleman (18 April 2010). "Regulator lacking top-level graduates – National News". The Irish Independent. Archived from the original on 3 August 2012. Retrieved 18 October 2011.
  109. ↑ "Sat, Apr 03, 2010 – The finance manager who tried to play by the rules". The Irish Times. 4 April 2010. Archived from the original on 16 October 2011. Retrieved 18 October 2011.
  110. ↑
  111. ↑ "Sticky Fingers". Archived from the original on 28 April 2010. Retrieved 13 November 2010.
  112. ↑ "Old Domain for the Sunday Tribune Ireland". Archived from the original on 8 March 2016. Retrieved 13 November 2010.
  113. ↑ Clerkin, David (3 October 2010). "Taxpayers shoulder e5.4bn Nationwide burden | The Post". Sbpost.ie. Archived from the original on 8 October 2010. Retrieved 18 October 2011.
  114. ↑ "Tue, Apr 20, 2010 – Fingleton's successor says events at INBS an outrage". The Irish Times. 4 April 2010. Archived from the original on 18 July 2011. Retrieved 20 February 2020.
  115. ↑ independent.ie apps (16 July 2010). "Nationwide report finds no fresh issues yet with Fingleton regime – Irish, Business". The Irish Independent. Archived from the original on 24 October 2012. Retrieved 18 October 2011.
  116. ↑ Ross Shane, The Bankers, Page 215, Penguin Ireland 2009, ISBN 978-0-14-104444-6
  117. ↑ Murphy and Devlin, Banksters, Page 262, Hachette Books Ireland 2009, ISBN 978-0-340-99482-5
  118. ↑ GrabOne daily deals (16 May 2010). "Financial watchdog reveals his lack of a specialist qualification – National News". The Irish Independent. Archived from the original on 24 October 2012. Retrieved 18 October 2011.
  119. ↑ "Archived copy" (PDF). Archived (PDF) from the original on 12 July 2019. Retrieved 17 December 2021.{{cite web}}: CS1 maint: archived copy as title (link)
  120. ↑ "Archived copy" (PDF). Archived (PDF) from the original on 19 September 2010. Retrieved 10 August 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  121. ↑ How to wear (21 June 2010). "Consumer watchdog accuses Honohan of ignoring its work – Irish, Business". The Irish Independent. Archived from the original on 24 October 2012. Retrieved 18 October 2011.
  122. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 22 February 2011. Retrieved 23 August 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  123. ↑
  124. ↑ "Thu, Aug 12, 2010 – The cost of Anglo Irish Bank". The Irish Times. 8 August 2010. Archived from the original on 1 February 2011. Retrieved 18 October 2011.
  125. ↑ "100 ways to spend the Anglo €25,000,000,000 | The Post". Thepost.ie. 15 August 2010. Archived from the original on 1 October 2011. Retrieved 18 October 2011.
  126. ↑ independent.ie apps (3 August 2010). "Kevin Myers: Irrationality has always been at the very heart of Irish life – Kevin Myers, Columnists". The Irish Independent. Archived from the original on 3 August 2012. Retrieved 18 October 2011.
  127. ↑ Africa (30 July 2010). "Regulator rejects 'signing off' on Anglo €169m loan to Quinn – Irish, Business". The Irish Independent. Archived from the original on 31 July 2010. Retrieved 18 October 2011.
  128. ↑ "Thu, Jul 29, 2010 – Regulator signed off on €169m loan from Anglo to Quinn". The Irish Times. 7 July 2010. Archived from the original on 4 March 2011. Retrieved 20 February 2020.
  129. ↑ "Fri, Jul 30, 2010 – Anglo unhappy at regulator's role in Quinn loan talks". The Irish Times. 7 July 2010. Archived from the original on 21 October 2012. Retrieved 18 October 2011.
  130. ↑ "Irish President Mary McAleese's astonishing attack over slump". Belfast Telegraph. 11 September 2010. Archived from the original on 21 July 2012.
  131. ↑ independent.ie apps (13 September 2010). "McAleese hails 'milestone' Medvedev talks – National News". Archived from the original on 25 October 2012. Retrieved 18 October 2011.
  132. ↑ "McDowell gives homebuyers the jitters". Archived from the original on 4 October 2006. Retrieved 25 August 2010.
  133. ↑ "Thu, Sep 23, 2010 – Banks 'fleecing' customers – report". The Irish Times. 9 September 2010. Archived from the original on 22 October 2012. Retrieved 18 October 2011.
  134. ↑ "Today in the press – RTÉ News". Rte.ie. 23 September 2010. Archived from the original on 26 October 2012. Retrieved 18 October 2011.
  135. ↑ Mooney John, The Sunday Times, Dublin 2, 3 October 2010
  136. ↑ independent.ie apps (18 October 2010). "Key bankers advised to 'sit tight' over inquiries – Irish, Business". The Irish Independent. Archived from the original on 21 October 2010. Retrieved 18 October 2011.
  137. ↑ "Anglo board told Quinn share loans not unlawful – The Irish Times – Tue, Oct 26, 2010". The Irish Times. 26 October 2010. Archived from the original on 20 August 2011. Retrieved 18 October 2011.
  138. ↑ Independent Woman (10 November 2010). "Anglo were advised records 'show Regulator knew of IL&P deposit' – Irish, Business". The Irish Independent. Archived from the original on 25 October 2012. Retrieved 18 October 2011.
  139. ↑ "Continental shift". The Economist. 4 November 2010. Archived from the original on 14 November 2010. Retrieved 8 November 2010.
  140. ↑ Barrington, Kathleen (14 November 2010). "Davy forced to inform credit unions of adverse findings | The Post". Sbpost.ie. Archived from the original on 18 November 2010. Retrieved 18 October 2011.
  141. ↑ "Tue, Jul 27, 2010 – Stress test results buoy banks". The Irish Times. 7 July 2010. Archived from the original on 8 November 2010. Retrieved 18 October 2011.
  142. ↑ "Republic's stress tests fail to ease capital fear". Belfast Telegraph. 23 November 2010. Archived from the original on 21 July 2012.
  143. ↑ "Bank levy may break corporation tax rate deadlock – The Irish Times – Wed, Nov 24, 2010". The Irish Times. 24 November 2010. Archived from the original on 5 March 2011. Retrieved 20 February 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.