Dáil Éireann Debate, Tuesday - 21 May 2013
78. Deputy Michael McGrath asked the Minister for Finance his views on reports of financial institutions leaving the International Financial Services Centre; and if he will make a statement on the matter. [23907/13]
View answerI am informed that fifteen banking licences were revoked by the Central Bank since 2010. All of the revocations were at the request of the bank concerned and the rationale for the revocation was a commercial decision for each of the banks involved. The Deputy may be aware that this subject was raised in the House last week and the details of these bank closures can be found in PQ Ref: 22277/13. Since the onset of the financial crisis, Ireland in conjunction with its European partners has sought to improve supervision and regulation of the financial services sector. This is necessary to ensure a solid basis for the operation of the financial services sector in future and to ensure that the banking sector contributes to growth in the real economy. Regulation of banks in Ireland has intensified since the crisis, in line with evolving practice worldwide. The Central Bank attaches priority to its statutory responsibility to ensure the proper and effective regulation of financial service providers and markets, but is careful to avoid placing an undue burden on regulated firms.
