Government Successful In Bank Reform Vote

The Government has won the Dáil vote on Central Bank Reform Bill, which will see a range of reforms imposed at the bank.

The bill was passed by 69 votes to 65, and will see legislation reforms to the financial regulatory system and extra regulatory powers at the Central Bank.

Some 56 amendments to the Bill will be discussed in the Dáil later today before the Bill goes to the Seanad.

Yesterday, the banks regulatory powers were called into question by Ireland's small business leaders who called on the Minister for Enterprise to remove state assistance from bailed out banks if the continue to refuse credit for businesses.

The Irish Small & Medium Enterprises Association (ISME), urged Minister Batt O’ Keefe, to "hang tough" with the state assisted banks and force them to comply with demands to open up lending to viable small businesses.

An ISME spokesman said failure to comply should result in state supports being withdrawn from the banks concerned.

The Association was reacting to reports that the Government are unhappy with insufficient plans forwarded by the banks on their commitments to provide funding to SMEs.

ISME Chief Executive, Mark Fielding said: “The continuing level of contempt and arrogance shown by the bailed out bankers towards the State and the taxpayers is beyond belief. Quite clearly the banks are attempting to slither out of any commitments made to Government. Decisive action is urgently required to force the banks to open their lending channels, which have effectively remained closed.

The new regulatory powers should provide more stringent controls on how Ireland's banks operate.

(DW)