Finance Committee to engage with Jonathan Sugarman on Banking and Financial Regulation

The Committee will continue its examination of the banking sector with a specific focus on regulatory reform and risk appraisal.

Jonathan Sugarman, who has addressed members of the European Parliament, and who has in the past, commented on alleged regulatory deficiencies in the banking sector, will appear before the Committee tomorrow.

Speaking ahead of the meeting, Committee Chairman, John McGuinness TD, said, “Given that in September 2016, Mr. Ed. Sibley -Director of Credit Institutions Supervision in the Central Bank of Ireland, raised concerns about emerging practices in the banking sector, tomorrow’s meeting provides an opportunity to review the robustness of the current regulatory and risk management frameworks in place in the banking system."

"Mr. Sibley made reference to the return of more aggressive lending practices and cultures, issues with risk appetites and the effectiveness of board oversight within the banking sector. He also issued caution when he commented that “…some memories do appear to be surprising short, both within banks and outside them….and that we must not forget the lessons from the bubble years and the more recent past, such that we never again have such a catastrophic and systemic failure of lending standards and practices.” The Committee looks forward to reviewing risk and regulatory reform practices with Mr. Sugarman in the context of the lessons learned from the financial crisis."

Committee proceedings can be viewed live here.

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.