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Minister For Finance

Credit Institutions Bill passed

The bill will give the Minister for Finance new powers, with a view to reform and restructure the banking sector.

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.