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The largest Bank, AIB, is currently still 99% state owned, and so, in theory, state controlled.  The Central Bank and the Financial regulator, previously asleep on the job, have been significantly revamped. The worst offenders - Anglo-Irish Bank and Irish Nationwide Building Society - have been shut down. Irish Nationwide's chief executive, Michael Fingleton is still being investigated by the Central Bank. David Drumm, former Anglo-Irish CEO has just been extradited from the USA to face trial here. Larger banks will in future be overseen by the ECB.  So some progress. I cannot comment on the adequacy of current prudential legislation as this is not a field I know a lot about.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu May 26th, 2016 at 06:09:22 PM EST
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Well, all I can say about the US Fed as a model for prudential regulation is that it has been pathetic and I see no prospect for that to change. By law it has the power to pull the banking license of any bank in the Federal Reserve System, but it would be a financial earthquake if they ever did so. Without a major change in Fed leadership I don't see this even on the horizon. I wish I could take comfort from Lenin's old dictum: "The worse the better."

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu May 26th, 2016 at 08:03:12 PM EST
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The Fed is occupied by current banksters, as opposed to, say, the SEC, which is occupied by once and future banksters.  So I expect the Fed to rein in the banks about three days after Hell freezes over, and since I don't believe in Hell....
by rifek on Fri May 27th, 2016 at 12:09:58 AM EST
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