I have asked the Central Bank to provide a report identifying if its investigation revealed the need for any legislative changes. I have not yet received this report. However, an initial reaction provided by the Central Bank on 13 March stated that there is no evidence to suggest that the Irish legislative framework contributed to the losses incurred.
The final report of the Central Bank is expected before the end of this month. It is understood that the Central Bank will wait until the investigation of the US Federal Reserve is complete before finalising its own report. As a precaution, the Central Bank has formally written to all credit institutions within its remit to re-emphasise the need for compliance with best international standards of management and controls. Moreover, it has asked that there be independent verification that these controls are being operated.