The Irish Financial Services Regulatory Authority (IFSRA) has been officially laaunched. The new body is the single regulator for all Irish financial institutions and brings together responsibilities previously held by the Central Bank, Department of Enterprise, Trade and Employment, Office of the Director of Consumer Affairs and the Registrar of Friendly Societies.
It is responsible for the regulation of about 4,000 entities.
The Minister for Finance, Charlie McCreevy, said that the new Financial Services Regulator would have all the powers and independence necessary for the successful regulation of the Irish financial sector and highlighted the importance of good regulation to the reputation of the financial services industry here, which employs about 50,000 people. ‘In the absence of high quality, efficient and cost-effective regulation, the Irish financial sector would not be able to grow and attract new investment,’ he said.
IFSRA is a constituent part of the new Central Bank and Financial Services Authority of Ireland but its main functions will be carried out independently of the Central Bank.
John Hurley, governor of the Central Bank said, ‘Different regulatory models are being established internationally - all require some form of information sharing and gateways between the monetary policy authorities and the financial regulators. This new Irish model addresses these same issues in a very pragmatic way.’
The chief executive of IFSRA is Dr.Liam O’Reilly while the chairman of the Authority is Brian Patterson. |
