New regime will avoid need to nationalise banks

Legislation due to come into effect next year will guide the winding-up of failing financial institutions, writes Richard Curran

12th March, 2011

The new banking legislation published last week is arguably a case of locking the stable door after the horse has bolted, but a special resolution regime is an important part of any modern economy’s financial regulation.

The Central Bank and Credit Institutions (Resolution) Bill 2011 is one of the requirements of the EU-IMF programme of financial support for Ireland.

Indeed, the IMF has been urging Ireland for some time to introduce the measures in...

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