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Banking Crisis

Committee to discuss banking crisis with Dept of Finance and Central Bank

The committee will meet this morning with officials from the Dept of Finance and Central Bank of Ireland

THE EUROPEAN UNION’S approach to resolving the banking crisis will be discussed by an Oireachtas committee today.

The Committee on Finance, Public Expenditure and Reform will meet with officials from the Department of Finance and from the Central Bank of Ireland to scrutinise EU legislative proposals COM(2012)280.

This is a framework for the recovery and resolution of credit institutions and investment firms in the European Union.

Severely tested

Ciarán Lynch, TD, Chairman of the Committee on Finance, Public Expenditure and Reform, said:

We’re all aware that the financial crisis throughout Europe severely tested the ability of national and Union-level authorities to manage problems in banking institutions. Against this background, the commission issued a communication in October 2010 setting out plans for a Union framework for crisis management in the financial sector.

He explained that the framework would equip authorities with common and effective tools and powers to tackle bank crises pre-emptively, safeguarding financial stability and minimising taxpayer exposure to losses in insolvency.

At the committee’s meeting on 13 March it was agreed that that this proposal “warrants further scrutiny”.

We will meet with officials from the Department of Finance and from the Central Bank of Ireland to discuss this proposal in greater detail and it will provide an opportunity for Members to raise any issues in relation to the proposal.

This meeting will start in Committee Room 4, Leinster House at 3pm today and committee proceedings can be followed live at this link.

Read: Economic activity needed to solve ‘fiscal and unemployment crisis’ – SFA>

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