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No concerns over bank regulation
04 Sep 2015 13:01
Former minister and tánaiste Mary Coughlan has told the banking inquiry that prior to September 2008, no concerns were expressed within Government regarding the strength of financial regulation.
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Ms Coughlan said there was never a concern that the day-to-day regulation of Irish banks was not robust enough.
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She said the supervisory regime failed to prevent grossly excessive and irresponsible lending and failed to properly judge the level of exposure and risk in banks.
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In her written statement to the inquiry, Ms Coughlan said she wanted to put on record her regret at the difficult consequences felt by so many families across Ireland.
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She said only the passage of time would tell whether the then government got everything correct.
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Meanwhile, one of the country's leading corporate governance experts who served on the board of Ulster Bank said directors were not satisfied about the bank's boomtime mortgage lending and continually raised it with management.
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Niamh Brennan, who is a Director of the UCD Centre for Corporate Governance, made the remarks in a written submission to the banking inquiry.
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Ms Brennan said she was aware of mortgage lending outside the bank's stated lending policies.
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She added the board expressed concerns at mortgage lending outside these policies and were not satisified about actions taken by management.
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