State reviews bank reporting requirements dating from 2008

Exercise aims to axe duplicated and outdated reporting obligations in light of changes in EU legislation since financial crash

Department of Finance officials are reviewing banks’ reporting obligations with a view to revoking ‘obsolete and duplicative reporting obligations’. Picture: Getty

The Department of Finance is reviewing reporting obligations imposed on banks in the wake of the financial crisis to determine whether they can be removed.

Government officials have begun reviewing the Credit Institutions Financial Support scheme, and the Eligible Liabilities Guarantee (ELG) scheme, with a view to revoking “obsolete and duplicative reporting obligations”.

The financial support scheme provided a €440 billion guarantee to six Irish banks to prevent possible collapse, while the ELG scheme protected ...