Makhlouf plans ‘deep dive’ into Ireland’s shadow banking

With the activities of the hundreds of firms at the IFSC going largely unnoticed the Central Bank is examining whether aspects of the €3 trillion sector could endanger the Irish economy in the event of another global financial crisis

8th December, 2019
Makhlouf plans ‘deep dive’ into Ireland’s shadow banking
Gabriel Makhlouf, governor of the Central Bank. Picture: Patrick Browne

As Erik de Vrije briefed members of the media on the outcome of a health check on the Irish economy, the International Monetary Fund’s Europe director deviated away from the usual risks facing the country.

A growing issue was not the reliance on corporation tax or soaring public service spending. Instead the IMF was becoming concerned about Ireland’s extensive shadow banking system.

For many years the activities of what happens in...

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