The show must go on.
Michael Noonan, our Finance Minister, acknowledges
regulatory failures and is proud to present the latest attempt at tooth-less legislation. The motivation? it was a demand by our lords and masters - the ECB & IMF as part of our punitive bailout. Read with your own eyes:
Central Bank Bill published - IrishTimes.com
CHARLIE TAYLORThu, Jul 28, 2011
New legislation that enhances the Central Bank's regulatory powers and provides protection for whistleblowers was published today.
The Central Bank (Supervision and Enforcement) Bill 2011 strengthens the ability of authorities to impose and supervise compliance with regulatory requirements and to undertake interventions when necessary.
The publication of the Bill is a further requirement under the EU-IMF programme of support for Ireland.
Announcing the publication of the Bill this morning, Minister for Finance Michael Noonan said the legislation was a response to the regulatory failures which led to the recent financial crisis.
"The publication of the Central Bank (Supervision and Enforcement) Bill 2011 represents a significant further step in the reform of financial regulation in Ireland. The changes introduced by the Bill will underpin an assertive, risk-based model of regulation supported by a credible threat of enforcement," said Mr Noonan.
Among the provisions included in the Bill is protection from civil liability and victimisation for so-called whistleblowers and a requirement for financial service providers to provide independently prepared reports to the Central Bank for diagnostic, monitoring and compliance purposes.
The power to issue regulatory interventions is included in the new legislation as is the ability to fine or suspend financial services providers where necessary.
Once again Minister Noonan, allow me to confuse you with a couple of facts:
1. At my meeting with the Central Bank of Ireland on the 4th. of May this year it became apparent that although the Central Bank told the Sunday Business Post last January that:
"If any party has specific information they wish to draw to our attention in this matter it will be treated on a confidential basis.",
there seems to great confusion about what the word 'confidential' means. So much so, that the Central Bank officials asked for the meeting to be adjourned. They then left the meeting room and returned only after they check what the Central Bank means when it says 'confidential' (Did they call Honohan's office? Or yours?!?). The conclusion was that merely my identity would be regarded as confidential, not the facts to be disclosed. Therefore, I could potentially be facing criminal charges on account of what transpired at UniCredit Bank Ireland in 2007.
Yes, I, the person who officially reported a liquidity breach of 1,900% (one thousand and nine hundred percent) to the Financial Regulator, could be facing criminal charges. The fact that this was a year before the entire Irish banking system ran dry of liquidity and required the infamous late-night last-minute guarantee, does not seem to matter. No one is to blame for that, and no one has been convicted of any criminal charges since. The Irish tax payer, and every tax payer trough-out Europe is paying for it.
Here are some more reminders:
2. As our new champion of integrity, Minitser Noonan, would you care to answer my questions to you of last April? I am sure your replies would interest many people in Ireland and abroad:
RTÉ - Noonan demands shake-up of bank boards [Following the Nyberg Report] -
The Nyberg Report. Minister Noonan, allow me to confuse you with the facts.
Perhaps my previous postings in which I provide proof of my dealings with Fine Gael in June of 2010, which you later completely denied, will help you to refresh your memory:
Here is a copy of my correspondence with a Fine Gael Deputy:
And here is your denial that it ever happened:
Unfortunately for you, there are minutes of the meeting kept safely at a well-known solicitors firm in Ballsbridge, Dublin 4. Although you claim to have no knowledge of my affair, you did actually raise reservations about my telephone conversation with your secretary about the subject.
3. It is somewhat alarming that as a result of my blog post two days ago - 'An open letter to the banker who contacted me', my blog has been inundated by visitors from two of Ireland's major banks. It certainly looks like Pandora's Box is cracking open; despite your best efforts.