All banks can expect a more intrusive and challenging approach to banking supervision.
Bankers’ bonuses will be linked to the long-term performance of institutions under new remuneration rules.
The Central Bank will also have the power to suspend bank directors and senior management if investigating their “fitness and probity”.
Banks and insurance firms must review composition of their boards at least once every three years and to include more board members from outside Ireland.
Aims to prescribe lending limits, such as maximum loan to value or multiple of net disposable income, on consumers.
Directors of significant institutions will be interviewed periodically to assess their understanding of key risks.
New insolvency procedures will be put in place to address the needs of distressed financial institutions.
Assess the skills and experience of bank board members, including the effectiveness of non-executive directors.
Central Bank will make “judgment on banks’ own judgments” and will “tenaciously” defend the public interest.
The Central Bank will recruit an extra 150 employees this year, bringing overall numbers up to 1,300. It could increase regulatory staff by a further 150 to 200 by 2012.