John Walsh: Is the Central Bank now cracking the whip too hard and too often?

It’s hard to muster much sympathy for the banking sector, but executives warn that unless the regulator eases up a little on the hard-and-fast rules and introduces some flexibility, it will erode competitiveness and cost jobs

3rd October, 2021
John Walsh: Is the Central Bank now cracking the whip too hard and too often?
Gabriel Makhlouf, Governor of the Central Bank of Ireland: it remains to be seen whether a more harmonious relationship between the Central Bank and the industry it regulates is eventually achieved. Picture: Shane O’Neill

It is not easy being a Central Banker. Ireland’s financial regulator was accused of being asleep at the wheel for the decade leading up to the financial crash in 2008. Now there are rumblings from industry that the bank is taking too vigorous an approach to regulation.

Perhaps it was inevitable that, following the meltdown of the financial system over a decade ago, and the transfer of certain responsibilities to the single supervisory mechanism...

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