The Minister for Finance, Charlie McCreevy, has warned financial institutions of the risks posed by changes in financial regulation. Speaking at the annual dinner of the Institute of Bankers, Mr McCreevy said while changes aimed at ensuring an integrated financial services market were welcome, they also posed challenges ‘for both regulators and the regulated’.
He said the ‘vast bulk of financial services regulations originate in Brussels and are aimed primarily at ensuring an integrated financial services market in the Union.’ These are set to bring benefits such as ‘higher GDP growth and increased employment’ but also an ‘increase in the pace at which financial regulation changes and adapts.’
Governments and regulators would naturally have to keep abreast of the change, but the Minister also called on institutions to be aware of all the risks involved. |
