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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 ...
In addition, the financial regulation in Ireland, the Central Bank, has made a number of regulations which generally apply depending on the category of the party involved in derivative transactions. For example, rules relating to funds or to insurance companies will set down specific requirements that those entities have to adhere to.
In 2003 a new separate division of the Central Bank, with its own chairman, chief executive, and board, was established as the Irish Financial Services Regulatory Authority. This was a compromise between those who favoured a fully independent regulator and those who believed the Central Bank should maintain full control of regulation of the ...
Financial Regulator (Ireland) (2003–2010) Lithuanian Securities Commission (1992–2011) Financial Services Board (South Africa) (1990–2018) Financial Services Authority (2001–2013) in the United Kingdom; Federal Home Loan Bank Board (1932-1989) and Office of Thrift Supervision (1989–2011) in the United States
During the second half of the 1995–2007 'Celtic Tiger' period of growth, the international bond borrowings of the six main Irish banks—Bank of Ireland, Allied Irish Banks, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and Educational Building Society—grew from less than €16 billion in 2003 to approximately €100 billion (well over half of Ireland's GDP ...
The Financial Regulator first uncovered the €87 million loans in January 2008 when inspectors from the regulator's offices carried out an inspection into the loan book of rival lender, Irish Nationwide Building Society. The inspectors noticed that a large loan was provided to FitzPatrick at Anglo Irish Bank and later repaid.
Minister for Finance, Brian Lenihan welcomed his appointment, saying: "The appointment of Mr Elderfield, particularly given his extensive international regulatory experience, is a key step in the restructuring of financial services regulation in Ireland." [8] He took up his position in January 2010. [9]
Patrick Neary, an Irish accountant and public servant, was Financial Regulator at the time of Ireland's financial crisis in 2008, including the issuance of a State guarantee for the country's major banks. [1] His role in the crisis has been subject to significant criticism.