The Fine Gael leader, Enda Kenny has called on the board of the Financial Regulator to resign, as part of what he described as a series of confidence building measures for the Irish banking system.

The call follows the revelation this week of a multi-billion euro deposit by Irish Life and Permanent in Anglo Irish Bank last September.

Mr Kenny was speaking in Cork at the party's selection convention for candidates to contest June's European elections in the Ireland South constituency.

Sitting Fine Gael MEP Colm Burke and former GAA President Sean Kelly were selected to run.

Mr Kenny also indicated that Fine Gael would shortly publish its review of the National Development Plan, which would identify labour intensive and strategically beneficial projects that can and must be fast tracked.