The Central Bank would in future be inspecting not only whether a code of ethics was in place in financial institutions but how it had been implemented and if it was adequate, the Public Accounts Committee was told.
The governor of the Central Bank, Mr Maurice O'Connell, said the Central Bank wrote to all the financial institutions after the publication of the DIRT report and included copies of the code of ethics which was drafted.
The letter, dated December 22nd last, emphasised that there had to be clear and unequivocal standards in the proper conduct of affairs.
"We've advised all institutions that we have built into our inspection an examination of the ethics . . . Ethics and rules must be standardised and embrace all institutions," Mr O'Connell said.
Ms Mary O'Dea, of the Central Bank, said: "Now we'll be inspecting not only whether a code is in place but how it is implemented on the ground."
Central Bank officers would assess in each instance whether the individual code was adequate and if it was being applied comprehensively.
"It is fair to say that there is greater emphasis now on ethical standards," Mr O'Connell said.
In a written statement to PAC, the Central Bank said it had developed a detailed code of conduct and code of advertising which would apply to the investment business of credit institutions.
In January the Central Bank wrote to all credit institutions reminding them to ensure compliance with national and EU laws and regulations relating to supervisory, taxation, consumer and corporate governance issues in general.
Issues relating to the auditing of financial institutions were being addressed by the Review Group on Auditing.
There had been two independent examinations of the effectiveness of the Central Bank's financial regulation and supervision of the financial system.
Mr Pat Rabbitte TD (Lab) asked if the Central Bank had ever been consulted about appointments to the European Investment Bank.
"No, we were never consulted," said Mr O'Connell.