My Department is responsible for the development of the legal framework under which credit institutions are supervised and regulated. Once the necessary legislation has been enacted, responsibility for the supervision of credit institutions is then a matter for the Central Bank and I, as Minister for Finance, have no statutory function in the matter on a day-to-day basis.
Accordingly, the regulation of banks is the primary responsibility of the Central Bank. I have been advised by the Central Bank that a bank which is not authorised to carry on banking business within Ireland may not advertise for or otherwise solicit deposits in Ireland. It may not hold itself out or represent itself as a bank here, and to do so would involve a breach of the law. However, in so far as the bank in question does not hold an Irish banking licence, then the primary responsibility in regard to its regulation would rest with the authorities of the country in which it is licensed.