Regulatory system must be reformed
There has been a lot of talk about the need for better regulation of our financial system. Decisive moves to achieve this are now required.
The existing system has no credibility and a new structure is required, as one step to restoring confidence.
The revelations last week about dealings between Anglo Irish Bank and Irish Life & Permanent are just the latest example of how the banks were not properly regulated. Whether this was due to inefficiency, or to an approach in the regulator’s office of not looking too deeply into things, is impossible to judge from the outside....
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