THE SEANAD HAS passed the Credit Institutions (Stabilisation) Bill, which bestows new powers on the Minister for Finance.

Yesterday, the Dáil passed all stages of the bill, which is aimed at reforming and restructuring the banking sector. The bill passed in the Dáil by 78 votes to 71.

The new powers that the Minister for Finance will have includes:

The power to appoint special managers to a bank if there is “an imminent threat” to its viability
The power to transfer loans and deposits between institutions and overseas

It will also mean that subordinated ‘junior’ bondholders of banks can be forced into taking further deductions on the value of their investments.

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Credit Institutions Bill passed

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.