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{{Short description|Ireland's regulator of financial institutions, May 2003 - October 2010}}
]
{{about|a former Irish institution||Financial regulation}}
The '''Irish Financial Services Regulatory Authority''' ('''IFSRA''') also known as the ''Financial Regulator'' is the single ] of all financial institutions in the ].
{{coatrack|date=May 2022}}
{{criticism section|date=May 2022}}
{{undue weight|date=May 2022}}
{{Use dmy dates|date=June 2020}}
{{Infobox government agency
| agency_name = Financial Regulator
| nativename = Rialtóir Airgeadais
| logo = IFSRA IRELAND.png
| logo_width =
| logo_caption =
| seal =
| seal_width =
| seal_caption =
| formed = 1 May 2003
| preceding1 =
| dissolved = 1 October 2010
| superseding = Absorbed back into ]
| jurisdiction = Ireland
| headquarters = {{flagicon|Ireland}} ]
| employees =
| chief1_name = Jim Farrell
| chief1_position = Chairman
| chief2_name = ]
| chief2_position = Chief Executive
| parent_agency = ]
| website =
| footnotes =
}}


The '''Financial Regulator''' ({{langx|ga|Rialtóir Airgeadais}}), officially the '''Irish Financial Services Regulatory Authority''', was the single ] of all financial institutions in Ireland from May 2003 until October 2010 and was a "constituent part" of the ].<ref>{{cite web |url=http://www.irishstatutebook.ie/2003/en/act/pub/0012/index.html |title=Central Bank and Financial Services Authority of Ireland Act 2003, Section 26 |publisher=] |date=22 April 2003 |access-date=4 December 2010 |archive-date=9 September 2010 |archive-url=https://web.archive.org/web/20100909133942/http://www.irishstatutebook.ie/2003/en/act/pub/0012/index.html |url-status=live }}</ref><ref>{{cite web |url=http://www.financialregulator.ie/publications/documents/2007%20annual%20report.pdf |title=2007 Annual Report |publisher=Financial Regulator |date=18 April 2008 |accessdate=3 December 2010 }}{{dead link|date=January 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> It was re-unified with the ] on 1 October 2010 and its board structure was replaced by a new Central Bank of Ireland Commission.
The regulator was established on the 1st of ] by the . The regulator is a distinct element of the ] with clearly defined regulatory responsibilities which cover all Irish financial institutions, including those previously regulated by the Central Bank of Ireland, ] (DETE), ] (ODCA) and the ]. The regulator has a strong role in consumer protection.


], formerly head of the ], led the organisation from January 2010 until it was disestablished in November 2010.<ref>{{cite news |url=http://www.independent.ie/business/irish/central-bank-appoints-englishman-to-top-job-1918323.html |title=Central Bank appoints Englishman to top job |date=20 October 2009 |work=The Irish Independent |access-date=20 October 2009 |archive-date=21 October 2009 |archive-url=https://web.archive.org/web/20091021081227/http://www.independent.ie/business/irish/central-bank-appoints-englishman-to-top-job-1918323.html |url-status=live }}</ref> The previous chief executive officer was ], who retired early over the handling of the regulator's investigation into the €87&nbsp;million in secret directors' loans at ].<ref>{{cite news |url=http://www.rte.ie/news/2009/0109/financial-business.html |title=Neary to retire as Regulator |date=9 January 2009 |publisher=] |access-date=14 October 2010 |archive-date=22 February 2011 |archive-url=https://web.archive.org/web/20110222180254/http://www.rte.ie/news/2009/0109/financial-business.html |url-status=live }}</ref><ref>{{cite news|url=http://www.herald.ie/national-news/regulators-retirement-was-overdued--in-the-dark-financial-regulator-patrick-neary-has-finally-taken-early-retirement-1598042.html |archive-url=https://archive.today/20120801061335/http://www.herald.ie/national-news/regulators-retirement-was-overdued--in-the-dark-financial-regulator-patrick-neary-has-finally-taken-early-retirement-1598042.html |url-status=dead |archive-date=1 August 2012 |title=Financial regulator Patrick Neary has finally taken early retirement |date=10 January 2009 |author=Sinead Ryan |work=] }}</ref> The incumbent before that, had companies he is a director of, fined a total of €3.35&nbsp;million by his previous employers the Financial Regulator, for risk control and reporting failures.<ref>{{cite news |url=http://www.independent.ie/business/irish/exregulator-redfaced-as-bank-hit-by-8364275m-fine-1923992.html |title=Ex-regulator red-faced as bank hit by €2.75m fine |date=25 October 2009 |work=] |first=Nick |last=Webb |access-date=7 December 2009 |archive-date=1 February 2010 |archive-url=https://web.archive.org/web/20100201131129/http://www.independent.ie/business/irish/exregulator-redfaced-as-bank-hit-by-8364275m-fine-1923992.html |url-status=live }}</ref><ref>{{cite web |url=http://www.financialregulator.ie/publications/Documents/Merrill%20Lynch%20Publicity%20statement.pdf |title=Settlement Agreement between the Financial Regulator and Merrill Lynch |date=22 October 2009 |publisher=Financial Regulator |url-status=dead |archiveurl=https://web.archive.org/web/20110721124256/http://www.financialregulator.ie/publications/Documents/Merrill%20Lynch%20Publicity%20statement.pdf |archivedate=21 July 2011}}</ref><ref>{{cite web |url=http://www.financialregulator.ie/publications/Documents/Settlement%20Agreement%20between%20Financial%20Regulator%20and%20Irish%20Life.pdf |title=Settlement Agreement between the Financial Regulator and Irish Life |date=3 September 2009 |publisher=Financial Regulator |url-status=dead |archiveurl=https://web.archive.org/web/20110721124307/http://www.financialregulator.ie/publications/Documents/Settlement%20Agreement%20between%20Financial%20Regulator%20and%20Irish%20Life.pdf |archivedate=21 July 2011}}</ref>
In ], the regulator began referring to itself as the '''Financial Regulator''' rather than its full legal title, and encourage banks to include "regulated by the Financial Regulator" in advertisements, rather than the previous, and much parodied, "regulated by the Irish Financial Services Regulatory Authority". The legal title of the regulator has not changed.


== External link == == History ==
===Establishment===
*
]]]


The regulator was established on 1 May 2003 by the Central Bank and Financial Services Authority of Ireland Act, 2003.<ref>{{cite web |url=http://www.irishstatutebook.ie/2003/en/act/pub/0012/print.html |title=Central Bank and Financial Services Authority of Ireland Act 2003 |publisher=Irishstatutebook.ie |accessdate=18 October 2011 |archive-date=12 November 2011 |archive-url=https://web.archive.org/web/20111112154829/http://www.irishstatutebook.ie/2003/en/act/pub/0012/print.html |url-status=live }}</ref> The regulator was a distinct element of the ] with clearly defined regulatory responsibilities which covered all Irish financial institutions, including those previously regulated by the Central Bank of Ireland, the ], the Office of the Director of Consumer Affairs and the Registrar of Friendly Societies.
]

One of the regulators main mandates was a role in consumer protection. It also took over the policing of the ] on 1 November 2007, assuming day-to-day responsibility for detecting and investigating market abuse.<ref>{{cite web|url=http://archives.tcm.ie/breakingnews/2006/01/14/story239577.asp |title=Financial Regulator takes over monitoring of stock market &#124; BreakingNews.ie |publisher=Archives.tcm.ie |date=14 January 2006 |accessdate=18 October 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20070812181936/http://archives.tcm.ie/breakingnews/2006/01/14/story239577.asp |archivedate=12 August 2007 }}</ref> It had a headcount of 377.<ref>{{cite news |author=Africa |url=http://www.independent.ie/business/irish/financial-regulator-wants-to-double-his-staff-to-700-2066579.html |title=Financial Regulator wants to double his staff to 700 – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=17 February 2010 |archive-date=23 October 2012 |archive-url=https://web.archive.org/web/20121023051223/http://www.independent.ie/business/irish/financial-regulator-wants-to-double-his-staff-to-700-2066579.html |url-status=live }}</ref>

=== Developments that led to its disestablishment ===
Following the failure of the then-regulatory structures to prevent excessive lending to the property sector,<ref>{{cite web|last=Taylor |first=Cliff |url=http://archives.tcm.ie/businesspost/2009/06/14/story42446.asp |title=Government discussing reform of financial regulation &#124; The Post |publisher=Archives.tcm.ie |date=14 June 2009 |accessdate=18 October 2011 }}{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> consultants ], which were brought in to review operations said that "regulatory expertise was lacking in some areas."<ref>{{cite news|author=Africa |url=http://www.independent.ie/business/irish/top-watchdog-job-to-be-split-three-ways-in-regulatory-overhaul-1793401.html |archive-url=https://archive.today/20120803064244/http://www.independent.ie/business/irish/top-watchdog-job-to-be-split-three-ways-in-regulatory-overhaul-1793401.html |url-status=dead |archive-date=3 August 2012 |title=Top watchdog job to be split three ways in regulatory overhaul – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=27 June 2009 }}</ref>

Responding to the highlighted weakness, ], the then Minister for Finance, said "substantial additional staff with the skills, experience and market-based expertise will be appointed. Those recruited will also have the expertise to regulate the international financial services sector."<ref>{{cite web |url=http://www.finance.gov.ie/viewdoc.asp?DocID=5839&CatID=1&StartDate=1+January+2009&m=n |title=Minister for Finance Brian Lenihan TD announces major reform of the institutional structures for regulation of financial services in Ireland – Department of Finance – Government of Ireland |publisher=Finance.gov.ie |accessdate=18 October 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20110928234700/http://www.finance.gov.ie/viewdoc.asp?DocID=5839&CatID=1&StartDate=1+January+2009&m=n |archivedate=28 September 2011}}</ref> He also announced that all consumer functions will be '"reassigned"' to other agencies.<ref>{{Cite web |date=22 February 2011 |title=REGULATORY UPDATE 3/2009 (Special Edition) |url=http://www.complianceireland.com/documents/CI_Newsletter_June09_03_web.pdf |archive-url=https://web.archive.org/web/20110222005731/http://www.complianceireland.com/documents/CI_Newsletter_June09_03_web.pdf |archive-date=22 February 2011 |accessdate=24 September 2020 |website=]}}</ref>

In June 2009 the government announced that a new body, called the Central Bank of Ireland Commission, would replace the then board structure of the Central Bank and the Regulator.<ref>{{cite news |url=https://www.irishtimes.com/newspaper/breaking/2009/0618/breaking56.htm |title=Thu, Jun 18, 2009 – New financial regulatory system announced |newspaper=The Irish Times |date=6 June 2009 |accessdate=18 October 2011 |archive-date=17 December 2021 |archive-url=https://web.archive.org/web/20211217230014/https://www.irishtimes.com/news/new-financial-regulatory-system-announced-1.842081 |url-status=live }}</ref> A July 2009 editorial, in the respected '']'', said "returning the key powers of regulation to the Central Bank will be useless unless there is a fundamental change in the culture of the organisation. This does not require a complete change of personnel, but a change of key personnel."<ref>{{dead link|date=October 2011}}</ref> The '']'', a national "]" opined that "the Financial Regulator has a death wish and its regulatory edict verges on the Pythonesque, eating into what is left of its credibility."<ref>{{cite news |url=https://www.irishtimes.com/newspaper/finance/2009/1109/1224258392099.html |title=Mon, Nov 09, 2009 – Ban on short selling is now long past its sell-by date |newspaper=The Irish Times |date=11 November 2009 |accessdate=18 October 2011 |archive-date=13 February 2011 |archive-url=https://web.archive.org/web/20110213041315/http://www.irishtimes.com/newspaper/finance/2009/1109/1224258392099.html |url-status=live }}</ref> Staff, who worked 32.5 hours per week or 6.5 hours a day,<ref>{{cite news |author=David Coleman |url=http://www.independent.ie/opinion/letters/staff-at-central-bank-a-class-act-2309165.html |title=Staff at Central Bank a class act – Letters, Opinion |work=The Irish Independent |accessdate=18 October 2011 |date=24 August 2010 |archive-date=24 October 2010 |archive-url=https://web.archive.org/web/20101024140900/http://www.independent.ie/opinion/letters/staff-at-central-bank-a-class-act-2309165.html |url-status=live }}</ref> went on strike in November 2009<ref>{{cite web |url=http://www.financialregulator.ie/press-area/press-releases/Pages/IndustrialAction%e2%80%93Friday27November2009.aspx |title=Central Bank of Ireland – Industrial Action – Friday 27 November 2009 |publisher=Financialregulator.ie |date=27 November 2009 |accessdate=18 October 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20111002230700/http://www.financialregulator.ie/press-area/press-releases/Pages/IndustrialAction%e2%80%93Friday27November2009.aspx |archivedate=2 October 2011}}</ref>

== Controversy ==
{{main|Anglo Irish Bank hidden loans controversy}}

=== 2004 Sachen LB case===
The Financial Regulator was warned by the German regulator, ], as early as 2004 that Sachsen LB's troubled Irish subsidiaries were involved in highly risky and under-scrutinised transactions worth as much as €30bn or 20 times the parent bank's capitalisation. Despite the warning, in 2007 the Regulator approved another Sachsen investment vehicle and two months later the stable of off-balance sheet companies needed a €17.3bn bail-out from the German association of savings banks to keep Sachsen afloat.<ref> {{dead link|date=June 2017|bot=InternetArchiveBot|fix-attempted=yes}}</ref><ref> {{dead link|date=October 2011}}</ref>

===Wild West of European finance===
The Irish Brokers Association said there was "intense frustration and annoyance" about excessive red tape and the FR refusing to listen to them in 2005.<ref> {{dead link|date=June 2017|bot=InternetArchiveBot|fix-attempted=yes}}</ref>

The same year the Regulator was criticised for publishing a report, which it was said, read a bit like a promotional brochure for the money lending industry. It included a section devoted to arguing why moneylenders should be allowed to charge as much as they do. (188%-plus collection fees of up to 11%.)<ref> {{dead link|date=July 2016|bot=InternetArchiveBot|fix-attempted=yes}}</ref>

'']'' referred to the Irish insurance industry as the "Wild West of European finance" in April 2005 which was seen to underline the fragility of the Country's Financial Regulation system.<ref>{{cite news |url=https://www.irishtimes.com/newspaper/opinion/2009/0224/1224241708784.html |title=Tue, Feb 24, 2009 – Time finally to tackle our blatant failings |newspaper=The Irish Times |date=2 February 2009 |accessdate=18 October 2011 |archive-date=29 November 2010 |archive-url=https://web.archive.org/web/20101129151139/http://www.irishtimes.com/newspaper/opinion/2009/0224/1224241708784.html |url-status=live }}</ref><ref>{{cite news | url=https://query.nytimes.com/gst/fullpage.html?res=9805EED9103FF932A35757C0A9639C8B63 | work=The New York Times | title=Insurers' Trails Lead to Dublin | first1=Brian | last1=Lavery | first2=Timothy L. | last2=O'Brien | date=1 April 2005 | access-date=7 February 2017 | archive-date=11 March 2016 | archive-url=https://web.archive.org/web/20160311080118/http://query.nytimes.com/gst/fullpage.html?res=9805EED9103FF932A35757C0A9639C8B63 | url-status=live }}</ref><ref>{{cite news | url=https://query.nytimes.com/gst/fullpage.html?res=9805EED9103FF932A35757C0A9639C8B63&sec=&spon=&pagewanted=2 | work=The New York Times | title=Insurers' Trails Lead to Dublin | first1=Brian | last1=Lavery | first2=Timothy L. | last2=O'Brien | date=1 April 2005 | access-date=7 February 2017 | archive-date=11 March 2016 | archive-url=https://web.archive.org/web/20160311123148/http://query.nytimes.com/gst/fullpage.html?res=9805EED9103FF932A35757C0A9639C8B63&sec=&spon=&pagewanted=2 | url-status=live }}</ref><ref>{{cite news | url=https://query.nytimes.com/gst/fullpage.html?res=9805EED9103FF932A35757C0A9639C8B63&sec=&spon=&pagewanted=3 | work=The New York Times | title=Insurers' Trails Lead to Dublin | first1=Brian | last1=Lavery | first2=Timothy L. | last2=O'Brien | date=1 April 2005 | access-date=7 February 2017 | archive-date=11 March 2016 | archive-url=https://web.archive.org/web/20160311080106/http://query.nytimes.com/gst/fullpage.html?res=9805EED9103FF932A35757C0A9639C8B63&sec=&spon=&pagewanted=3 | url-status=live }}</ref>

===Dissatisfaction with the regulator===
The Australian Authorities warned the Financial Regulator of the activities of person connected with the largest bankruptcy in that country's history. The FR did nothing, he went on to commit a US$500&nbsp;million fraud and pleaded guilty in the US despite the crime being committed in Ireland.<ref>O'Toole Fintan, Ship of Fools, pages 137–141, Faber and Faber Ltd, 2010 {{ISBN|978-0-571-26075-1}}</ref><ref>{{cite web |url=http://www.insurancejournal.com/news/national/2009/06/18/101524.htm |title=Former General Re Executive Given Probation |publisher=Insurancejournal.com |date=18 June 2009 |accessdate=18 October 2011 |archive-date=12 September 2011 |archive-url=https://web.archive.org/web/20110912202026/http://www.insurancejournal.com/news/national/2009/06/18/101524.htm |url-status=live }}</ref><ref>{{cite web |url=https://www.justice.gov/opa/pr/2005/June/05_crm_314.htm |title=#314: 06-09-05 GEN RE EXECUTIVE JOHN HOULDSWORTH PLEADS GUILTY IN FRAUD SCHEME, AGREES TO COOPERATE WITH INVESTIGATION |publisher=Justice.gov |date=9 June 2005 |accessdate=18 October 2011 |archive-date=27 October 2011 |archive-url=https://web.archive.org/web/20111027135750/http://www.justice.gov/opa/pr/2005/June/05_crm_314.htm |url-status=live }}</ref><ref>{{cite web |url=http://www.badfaithinsurance.org/reference/General/0200a.htm |title=Focus: Spitzer rides into town |publisher=Badfaithinsurance.org |date=24 April 2005 |accessdate=18 October 2011 |archive-date=1 October 2011 |archive-url=https://web.archive.org/web/20111001091841/http://www.badfaithinsurance.org/reference/General/0200a.htm |url-status=live }}</ref>

Their consumer panel stated that the regulator was slow to respond to consumer issues and '"appears to seek complexity and obstacles rather than to seek consumer-oriented solutions to current and emerging problems"'. And it warned that this approach can undermine consumer confidence in the "efficacy of the regulatory process. "<ref>{{cite news |url=https://www.irishtimes.com/newspaper/finance/2006/0925/1158591008961.html |title=Mon, Sep 25, 2006 – Financial regulator looks past consumers |newspaper=The Irish Times |date=9 September 2006 |accessdate=18 October 2011 |archive-date=16 October 2012 |archive-url=https://web.archive.org/web/20121016033835/http://www.irishtimes.com/newspaper/finance/2006/0925/1158591008961.html |url-status=live }}</ref>

The same month in 2006, a government-appointed panel that consisted of banking and insurance representatives revealed widespread dissatisfaction with the regulator’s skills base.<ref>{{cite web|last=Clerkin |first=David |url=http://archives.tcm.ie/businesspost/2006/07/23/story15941.asp |title=Consumer body attacks Financial Regulator &#124; The Post |publisher=Archives.tcm.ie |date=23 July 2006 |accessdate=18 October 2011 }}{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{cite web|last=Clerkin |first=David |url=http://archives.tcm.ie/businesspost/2006/07/16/story15706.asp |title=Skills deficit main worry for Financial Regulator &#124; The Post |publisher=Archives.tcm.ie |date=16 July 2006 |accessdate=18 October 2011 }}{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

The regulator’s industry panel, which provided the regulator with feedback on its charges and policies said the levy on financial institutions for industry funding was ‘'perceived by industry as cumbersome and bureaucratic'’ and had ‘'major concerns with the quality and cost of the services'’ provided to the regulator by the Central Bank.<ref>{{cite web|last=McBride |first=Louise |url=http://archives.tcm.ie/businesspost/2007/04/01/story22361.asp |title=Financial Regulator is questioned by own advisers &#124; The Post |publisher=Archives.tcm.ie |date=1 April 2007 |accessdate=18 October 2011 }}{{dead link|date=December 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

They did not give their consumer panel a copy of the report of the working group set up following the collapse of a stockbrokers,<ref> {{dead link|date=October 2011}}</ref><ref>{{cite web |url=http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Letter%20to%20Anne%20Troy%20re%20Morroghs%20stockbrokers%20report%209%20Oct%2007.pdf |title=Archived copy |accessdate=2010-07-08 |url-status=dead |archiveurl=https://web.archive.org/web/20101231134614/http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Letter%20to%20Anne%20Troy%20re%20Morroghs%20stockbrokers%20report%209%20Oct%2007.pdf |archivedate=31 December 2010}}</ref> where some investors were waiting over 7 years to have their claims processed.<ref>{{cite web|last=Keane |first=Conor |url=http://archives.tcm.ie/irishexaminer/2008/12/03/story79052.asp |archive-url=https://archive.today/20120701114300/http://archives.tcm.ie/irishexaminer/2008/12/03/story79052.asp |url-status=dead |archive-date=1 July 2012 |title=Morrogh clients still awaiting claims process &#124; Irish Examiner |publisher=Archives.tcm.ie |date=3 December 2008 |accessdate=18 October 2011 }}</ref> When the panel managed to get sight of it, they said it was "extremely deficient"<ref>{{cite web |url=http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Letter%20to%20CEO%20from%20Chairman%20re%20Morroghs%20Stockbrokers%2024%20July%2007.pdf |title=Archived copy |accessdate=2009-12-22 |url-status=dead |archiveurl=https://web.archive.org/web/20101231134110/http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Letter%20to%20CEO%20from%20Chairman%20re%20Morroghs%20Stockbrokers%2024%20July%2007.pdf |archivedate=31 December 2010}}</ref><ref>{{cite web |url=http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Response%20letter%20to%20CEO%20re%20Morroghs%20Stockbrokers%209%20Oct%2007.pdf |title=Archived copy |accessdate=2010-08-23 |url-status=dead |archiveurl=https://web.archive.org/web/20101231135157/http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Response%20letter%20to%20CEO%20re%20Morroghs%20Stockbrokers%209%20Oct%2007.pdf |archivedate=31 December 2010}}</ref>

===2007 calls for an independent review===
In July 2007, the Comptroller and Auditor General called for an independent review of the inspection process for financial institutions carried out by the Financial Regulator. The Comptroller urged the introduction of clearly defined risk categories for individual areas of financial services, so that the appropriate level of supervision required for each institution can be implemented in line with the risk involved.<ref>{{cite news |url=http://www.rte.ie/news/2007/0727/financial-business.html |title=Review inspections, watchdog urged – RTÉ News |publisher=Rte.ie |date=27 July 2007 |accessdate=18 October 2011 |archive-date=11 March 2011 |archive-url=https://web.archive.org/web/20110311212336/http://www.rte.ie/news/2007/0727/financial-business.html |url-status=live }}</ref>

Transcripts of phone calls by the Financial Regulator's senior staff suggested they gave tacit approval to the illicit movement of deposits involving ] plc. "Okay, that's grand, right I think that's everything". The regulator refused to say whether staff might face disciplinary procedures or sanctions if the transcripts were validated and investigated internally.<ref>{{cite web|url=http://www.tribune.ie/business/news/article/2009/may/10/financial-regulator-says-anglo-memos-passed-on/ |title=Financial Regulator says Anglo memos passed on |accessdate=2009-06-29 |url-status=dead |archiveurl=https://web.archive.org/web/20090515083622/http://www.tribune.ie/business/news/article/2009/may/10/financial-regulator-says-anglo-memos-passed-on/ |archivedate=15 May 2009 }}</ref>

===Allied Irish bank case===
The Financial Regulator knew that ] were overcharging consumers in FX fees but failed to act for a number of years.<ref>{{cite web|url=https://www.tribune.ie/breakingnews/article/2009/apr/09/financial-regulator-defends-role-in-aib-fees-scand/ |title=Old Domain for the Sunday Tribune Ireland |accessdate=2011-01-05 |url-status=dead |archiveurl=https://web.archive.org/web/20160308081338/http://tribune.ie/breakingnews/article/2009/apr/09/financial-regulator-defends-role-in-aib-fees-scand |archivedate= 8 March 2016 }}</ref><ref>{{cite web|last=Barrington |first=Kathleen |url=http://archives.tcm.ie/businesspost/2009/04/05/story40779.asp |title=Did the Regulator fail to act on AIB? &#124; The Post |publisher=Archives.tcm.ie |date=5 April 2009 |accessdate=18 October 2011 }}{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> They gave a parliamentary inquiry the "false impression" that they were unaware of it.<ref>{{cite news |url=https://www.irishtimes.com/newspaper/breaking/2009/0324/breaking58.htm |title=Tue, Mar 24, 2009 – Regulator knew of AIB overcharging, says auditor |newspaper=The Irish Times |date=3 March 2009 |accessdate=18 October 2011 |archive-date=17 December 2021 |archive-url=https://web.archive.org/web/20211217230012/https://www.irishtimes.com/news/regulator-knew-of-aib-overcharging-says-auditor-1.838002 |url-status=live }}</ref><ref>{{cite news |url=https://www.irishtimes.com/newspaper/finance/2009/0513/1224246388494.html |title=Wed, May 13, 2009 – Regulator's general failure is to blame for carnage now afflicting Irish households |newspaper=The Irish Times |date=5 May 2009 |accessdate=18 October 2011 |archive-date=16 October 2012 |archive-url=https://web.archive.org/web/20121016033818/http://www.irishtimes.com/newspaper/finance/2009/0513/1224246388494.html |url-status=live }}</ref> The ] who gave the FR the information was requested to come to a meeting with them but was only invited to withdraw the allegations of wrongdoing and at the same time found himself removed from his position at ] without any reason given. After his case was highlighted in the media, the FR officially apologised on how the authorities treated him, eight years after alerting them of overcharging.<ref>{{cite news |author=Independent Woman |url=http://www.independent.ie/business/irish/whistleblower-mcerlean-to-get-official-apology-from-regulator-2364621.html |title=Whistleblower McErlean to get official apology from Regulator – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=5 October 2010 |archive-date=11 March 2011 |archive-url=https://web.archive.org/web/20110311232833/http://www.independent.ie/business/irish/whistleblower-mcerlean-to-get-official-apology-from-regulator-2364621.html |url-status=live }}</ref>

The same whistleblower also sent a report entitled 'Special Investigation ] – Trading in AIB Shares' to the FR, in which questions were raised about the legality of a device used to trade in AIB shares through offshore locations in blacklisted tax havens ] and ]. No action was taken.<ref name="sbpost.ie">{{cite news |url=http://www.inarchive.com/page/2011-07-31/http://www.thepost.ie/archives/2010/1010/aib-mysteries-still-unexplained-52118.html|title=AIB Mysteries Still Unexplained|newspaper=The Sunday Business Post|location=Dublin, Ireland|date =10 October 2010}}</ref>

===Deficient response from the regulator===
The Financial Services Consultative Consumer Panel, which was tasked with monitoring the performance of the Financial Regulator, said that most consumers had lost ''"significant amounts of money"'' due to the inadequacies of the financial regulatory structure. It also criticised the "deficient" response of the regulator to threats to consumers, including the ].<ref>{{cite news |url=https://www.irishtimes.com/newspaper/frontpage/2009/0526/1224247405137.html |title=Tue, May 26, 2009 – Regulator 'added to slump' by failing to curb property bubble |newspaper=The Irish Times |date=5 May 2009 |url-status=dead |access-date=20 February 2020 |archive-date=16 October 2012 |archive-url=https://web.archive.org/web/20121016033756/http://www.irishtimes.com/newspaper/frontpage/2009/0526/1224247405137.html }}</ref> In response they said "It is clear that the actions we took were insufficient and were not taken early enough",<ref>{{cite news |author=Top 20 football chants |url=http://www.independent.ie/business/irish/banks-regulator-says-response-to-crisis-was-lsquoinsufficientrsquo-1833220.html |title=Banks regulator says response to crisis was 'insufficient' – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=21 July 2009 |archive-date=2 August 2012 |archive-url=https://archive.today/20120802234748/http://www.independent.ie/business/irish/banks-regulator-says-response-to-crisis-was-lsquoinsufficientrsquo-1833220.html |url-status=live }}</ref><ref> {{dead link|date=October 2011}}</ref><ref>{{cite web|last=McEnroe |first=Juno |url=http://archives.tcm.ie/irishexaminer/2009/11/19/story105924.asp |archive-url=https://archive.today/20120707144630/http://archives.tcm.ie/irishexaminer/2009/11/19/story105924.asp |url-status=dead |archive-date=7 July 2012 |title=Regulator admits it was slow to act &#124; Irish Examiner |publisher=Archives.tcm.ie |date=19 November 2009 |accessdate=18 October 2011 }}</ref>

The ] leader ] and finance spokesman ] called for the board and senior management of the Financial Regulator to be sacked.<ref>{{cite news |url=https://www.irishtimes.com/newspaper/breaking/2009/0222/breaking46.htm |title=Sun, Feb 22, 2009 – Financial Regulator board should be sacked – FG |newspaper=The Irish Times |date=2 February 2009 |accessdate=18 October 2011 |archive-date=17 December 2021 |archive-url=https://web.archive.org/web/20211217230010/https://www.irishtimes.com/news/financial-regulator-board-should-be-sacked-fg-1.836523 |url-status=live }}</ref><ref>{{cite news |url=http://www.rte.ie/news/2009/0215/kennye.html |title=Kenny wants Regulator board to resign – RTÉ News |publisher=Rte.ie |date=15 February 2009 |accessdate=18 October 2011 |archive-date=17 February 2009 |archive-url=https://web.archive.org/web/20090217045809/http://www.rte.ie/news/2009/0215/kennye.html |url-status=live }}</ref> Independent Senator, ] said that the FR was an institution that had lost the faith of the international markets "They think it is actually genetically flawed. That is the problem we’re going to have to attack next".<ref>{{cite news |url=https://www.irishtimes.com/newspaper/ireland/2009/0220/1224241488475.html |title=Fri, Feb 20, 2009 – Concern over Government use of advisers also linked to banks |newspaper=The Irish Times |date=2 February 2009 |accessdate=18 October 2011 |archive-date=16 October 2012 |archive-url=https://web.archive.org/web/20121016033934/http://www.irishtimes.com/newspaper/ireland/2009/0220/1224241488475.html |url-status=live }}</ref>

===Ernst & Young and the bank guarantee scheme===
] was hired, to advise the Financial Regulator on the €440&nbsp;billion bank guarantee scheme in January 2009,<ref>{{cite web|last=Curran |first=Richard |url=http://archives.tcm.ie/businesspost/2009/01/18/story38836.asp |title=Regulator hires partner from Anglo auditor &#124; The Post |publisher=Archives.tcm.ie |date=18 January 2009 |accessdate=18 October 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20090914154355/http://archives.tcm.ie/businesspost/2009/01/18/story38836.asp |archivedate=14 September 2009 }}</ref> despite the fact that ]<ref>{{cite web|author=Lorna Lancaster 12 January 2009 |url=http://www.shane-ross.ie/archives/456/where-were-the-auditors/ |title=Where Were The Auditors « Shane Ross |publisher=Shane-ross.ie |date=12 January 2009 |accessdate=18 October 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20120213080002/http://www.shane-ross.ie/archives/456/where-were-the-auditors/ |archivedate=13 February 2012 }}</ref><ref>{{cite news |url=https://www.irishtimes.com/newspaper/ireland/2009/0117/1232059657178.html |title=Sat, Jan 17, 2009 – Anglo's board and auditors criticised at egm Shareholders told FitzPatrick owed bank a total of €129m in 2007 |newspaper=The Irish Times |date=1 January 2009 |accessdate=18 October 2011 |archive-date=22 May 2011 |archive-url=https://web.archive.org/web/20110522003239/http://www.irishtimes.com/newspaper/ireland/2009/0117/1232059657178.html |url-status=live }}</ref> was being investigated<ref>{{cite news |url=https://www.irishtimes.com/newspaper/breaking/2008/1219/breaking13.html?via=mr |title=Fri, Dec 19, 2008 – Drumm resigns as chief executive of Anglo Irish |newspaper=The Irish Times |date=12 December 2008 |url-status=dead |access-date=20 February 2020 |archive-date=19 September 2012 |archive-url=https://web.archive.org/web/20120919235939/http://www.irishtimes.com/newspaper/breaking/2008/1219/breaking13.html?via=mr }}</ref> arising from its audits of ]<ref name="irishtimes.com">{{cite news |url=https://www.irishtimes.com/newspaper/frontpage/2009/0114/1231738222989.html |title=Wed, Jan 14, 2009 – FitzPatrick Anglo loans were more than €87m |newspaper=The Irish Times |date=1 January 2009 |url-status=dead |access-date=20 February 2020 |archive-date=22 May 2011 |archive-url=https://web.archive.org/web/20110522003257/http://www.irishtimes.com/newspaper/frontpage/2009/0114/1231738222989.html }}</ref> and had also refused to appear before a parliamentary committee following the collapse of the same bank after receiving "legal advice".<ref>{{cite news |url=http://www.rte.ie/news/2009/0202/anglo-business.html |title=Anglo auditors won't be at committee – RTÉ News |publisher=Rte.ie |date=2 February 2009 |accessdate=18 October 2011 |archive-date=11 March 2011 |archive-url=https://web.archive.org/web/20110311014320/http://www.rte.ie/news/2009/0202/anglo-business.html |url-status=live }}</ref><ref>{{cite news |author=How to wear |url=http://www.independent.ie/breaking-news/national-news/anglos-external-auditors-decline-to-appear-before-oireachtas-committee-1624797.html |title=Anglo's external auditors decline to appear before Oireachtas Committee – National News, Breaking News |work=The Irish Independent |accessdate=18 October 2011 |date=2 February 2009 |archive-date=15 April 2009 |archive-url=https://web.archive.org/web/20090415030237/http://www.independent.ie/breaking-news/national-news/anglos-external-auditors-decline-to-appear-before-oireachtas-committee-1624797.html |url-status=live }}</ref> The then Chief Executive of the Financial Regulator told the same committee that "a lay person would expect that issues of this nature and this magnitude would have been picked up” by the external auditors.<ref name="irishtimes.com"/> At the same time the lowest tender was not chosen for the fit out of new offices in Spencer Dock in Dublin's docklands.<ref>{{cite web|url=http://www.tribune.ie/article/2009/mar/01/central-bank-and-regulator-to-spend-8m-on-new-offi/ |title=Central Bank and Regulator to spend €8m on new offices |accessdate=5 January 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20090303190603/http://www.tribune.ie/article/2009/mar/01/central-bank-and-regulator-to-spend-8m-on-new-offi/ |archivedate=3 March 2009 }}</ref>

===FR muzzles critical comments===
In July 2009, they blocked insurers and banks from making any critical statements containing "any references to the Financial Regulator" by means either of "public press statements" or un-approved public references, whether "written or oral."<ref>{{cite news |author=Africa |url=http://www.independent.ie/business/irish/watchdog-puts-muzzle-on-critical-statements-issued-by-the-banks-1803813.html |title=Watchdog puts muzzle on critical statements issued by the banks – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=3 July 2009 |archive-date=20 October 2012 |archive-url=https://web.archive.org/web/20121020025854/http://www.independent.ie/business/irish/watchdog-puts-muzzle-on-critical-statements-issued-by-the-banks-1803813.html |url-status=live }}</ref>

===Credit union perpetual bond case===
Two reports of an investigation into the "wholly inappropriate sale of perpectual bonds" by ] to credit unions failed to involve any of the credit unions affected, leaving them "in the dark and powerless to add any value to the findings of this investigation". The FR then declined to give them access to the reports. The Chairman of one of the Credit Union's who suffered large losses told his members ‘'The failure to publish the reports is to place the complaints process in a shroud of secrecy. Such a failure of openness, transparency and fairness can only serve to undermine confidence in the complaints process, forcing those with grievances into the courts. Such a course of action is not in the interest of any of the stakeholders".<ref>{{cite web|last=Barrington |first=Kathleen |url=http://archives.tcm.ie/businesspost/2009/07/19/story43178.asp |title=Eircom credit union slams regulator over Davy debacle &#124; The Post |publisher=Archives.tcm.ie |date=19 July 2009 |accessdate=18 October 2011 }}{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

They had to admit that it had issued private warnings to over 30% of credit unions about their arrears levels, but refused to provide full updates on what percentage of ] loans are in arrears or how quickly they are increasing.<ref>{{cite web|last=Hennessy |first=Niamh |url=http://archives.tcm.ie/irishexaminer/2009/11/13/story105475.asp |archive-url=https://archive.today/20120709021918/http://archives.tcm.ie/irishexaminer/2009/11/13/story105475.asp |url-status=dead |archive-date=9 July 2012 |title=Credit Union fund may not be big enough &#124; Irish Examiner |publisher=Archives.tcm.ie |date=13 November 2009 |accessdate=18 October 2011 }}</ref><ref>{{cite web |url=http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Ltr%20from%20ILCU%20to%20Panel%20-%2016%20Aug%2006.pdf |title=Archived copy |accessdate=2010-08-23 |url-status=dead |archiveurl=https://web.archive.org/web/20101231134831/http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Ltr%20from%20ILCU%20to%20Panel%20-%2016%20Aug%2006.pdf |archivedate=31 December 2010}}</ref> This raised questions about the Financial Regulator's commitment to openness.<ref>{{cite web|url=http://www.tribune.ie/business/article/2009/aug/02/business-as-usual-at-the-financial-regulator/ |title=Business as usual at the Financial Regulator |accessdate=2009-12-01 |url-status=dead |archiveurl=https://web.archive.org/web/20090809014733/http://www.tribune.ie/business/article/2009/aug/02/business-as-usual-at-the-financial-regulator/ |archivedate=9 August 2009 }}</ref><ref>{{cite web|last=Hennessy |first=Niamh |url=http://archives.tcm.ie/irishexaminer/2009/11/14/story105577.asp |archive-url=https://archive.today/20120708230213/http://archives.tcm.ie/irishexaminer/2009/11/14/story105577.asp |url-status=dead |archive-date=8 July 2012 |title=Credit unions warned of loan risk &#124; Irish Examiner |publisher=Archives.tcm.ie |date=14 November 2009 |accessdate=18 October 2011 }}</ref><ref>{{Cite web |url=http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Reply%20from%20Consumer%20Panel%20on%2024th%20Aug%2006%20to%20Irish%20League%20of%20Credit%20Union's%20letter%2016%20Aug%2006.pdf |title=Archived copy |access-date=23 August 2010 |archive-url=https://web.archive.org/web/20101231135222/http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Reply%20from%20Consumer%20Panel%20on%2024th%20Aug%2006%20to%20Irish%20League%20of%20Credit%20Union%27s%20letter%2016%20Aug%2006.pdf |archive-date=31 December 2010 |url-status=dead }}</ref>

=== German regulators Depfa Bank criticism ===
The next month, the head of the ] told the ] Finance Committee that the failure of the "terrible" Depfa Bank, which was completely supervised by the Irish Financial Regulator, lead to the collapse of its German parent which forced Berlin to bail it out at a cost of €102&nbsp;billion. The committee was told that the alternative was a run on German banks and the eventual collapse of the European finance system and "You would have woken up on Monday morning in the film ]"<ref>{{cite news |url=https://www.irishtimes.com/newspaper/finance/2009/0807/1224252148990.html |title=Fri, Aug 07, 2009 – German MPs grapple with Dublin bank's financial woes |newspaper=The Irish Times |date=8 August 2009 |accessdate=18 October 2011 |archive-date=16 October 2012 |archive-url=https://web.archive.org/web/20121016232510/http://www.irishtimes.com/newspaper/finance/2009/0807/1224252148990.html |url-status=live }}</ref> The bank had just 319 employees<ref>O' Toole Fintan, Ship of Fools, Page 126, Faber and Faber Ltd 2010, {{ISBN|978-0-571-26075-1}}</ref><ref> {{dead link|date=June 2018|bot=medic}}{{cbignore|bot=medic}}</ref> but was allowed to guarantee loans valued at 14 times Ireland's Gross Domestic Product.<ref>Mc Williams David, Follow the Money, Page 153, Gill & Macmillan Ltd 2010, {{ISBN|978-0-7171-4807-3}}</ref> A former Governor of the FR's parent, the Central Bank of Ireland, was a director of Depfa.<ref>{{cite news |url=https://www.irishtimes.com/newspaper/finance/2010/0102/1224261527333.html |title=Sat, Jan 02, 2010 – Former Irish Depfa directors may be sued by parent group |newspaper=The Irish Times |date=1 January 2010 |accessdate=18 October 2011 |archive-date=27 February 2011 |archive-url=https://web.archive.org/web/20110227053933/http://www.irishtimes.com/newspaper/finance/2010/0102/1224261527333.html |url-status=live }}</ref> Regulatory failure was acknowledged and this is a source of continuing friction with the German authorities.<ref>{{cite news |author=David Coleman |url=http://www.independent.ie/business/irish/tough-at-the-top-but-change-will-come-from-listening-to-the-masses-1947854.html |title=Tough at the top, but change will come from listening to the masses – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=19 November 2009 |archive-date=16 October 2011 |archive-url=https://web.archive.org/web/20111016180534/http://www.independent.ie/business/irish/tough-at-the-top-but-change-will-come-from-listening-to-the-masses-1947854.html |url-status=live }}</ref><ref>{{cite news |author=Independent Woman |url=http://www.independent.ie/business/irish/depfa-demise-could-have-been-irelands-biggest-headache-1761066.html |title=Depfa demise could have been Ireland's biggest headache – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=4 June 2009 |archive-date=16 October 2011 |archive-url=https://web.archive.org/web/20111016201259/http://www.independent.ie/business/irish/depfa-demise-could-have-been-irelands-biggest-headache-1761066.html |url-status=live }}</ref>

===Non transparency===
]<ref>{{Cite web|url=http://www.transparency.ie/Files/NIS_Full_Report_Ireland_2009.pdf |title=National Integrity Systems: Ireland 2009 |website=] Ireland |date=22 February 2011 |archive-url=https://web.archive.org/web/20110222005720/http://www.transparency.ie/Files/NIS_Full_Report_Ireland_2009.pdf|accessdate=24 September 2020|archive-date=22 February 2011}}</ref> have questioned whether the Financial Regulator should continue to have an exemption from Freedom of Information legislation.<ref>{{cite web |url=http://www.transparency.ie/Files/2009%20Party%20Survey.doc |title=Archived copy |website=www.transparency.ie |access-date=13 January 2022 |archive-url=https://web.archive.org/web/20110222005728/http://www.transparency.ie/Files/2009%20Party%20Survey.doc |archive-date=22 February 2011 |url-status=dead}}</ref> Compliance experts<ref>{{cite web|url=http://www.complianceireland.com/KODprofile.html |title=Kevin O'Doherty |accessdate=20 December 2009 |url-status=dead |archiveurl=https://web.archive.org/web/20091120075038/http://complianceireland.com/KODprofile.html |archivedate=20 November 2009 }}</ref><ref>{{cite web|url=http://www.complianceireland.com/PBOprofile.html |accessdate=20 December 2009 |url-status=dead |archiveurl=https://web.archive.org/web/20091118165528/http://www.complianceireland.com/PBOprofile.html |title=Peter Oakes |archivedate=18 November 2009 }}</ref> have said "The most offensive confidentiality provision in Ireland is the one which protects
the Financial Regulator"<ref>{{Cite web|url=http://www.complianceireland.com/documents/CI_Newsletter_Dec09_11_web.pdf|date=22 February 2011|archive-url=https://web.archive.org/web/20110222005733/http://www.complianceireland.com/documents/CI_Newsletter_Dec09_11_web.pdf |title=REGULATORY UPDATE 11/2009 |website=Compliance Ireland |accessdate=24 September 2020|archive-date=22 February 2011}}</ref> Both the Financial Services Ombudsman and Information Commissioner,<ref>{{cite news |author=Top 20 football chants |url=http://www.independent.ie/national-news/watchdog-wants-nama-dealings-made-public-1722566.html |title=Watchdog wants NAMA dealings made public – National News |work=The Irish Independent |accessdate=18 October 2011 |date=29 April 2009 |archive-date=24 October 2012 |archive-url=https://web.archive.org/web/20121024222059/http://www.independent.ie/national-news/watchdog-wants-nama-dealings-made-public-1722566.html |url-status=live }}</ref> are among others,<ref>{{cite news |author=David Coleman |url=http://www.independent.ie/national-news/ombudsman-blasts-rise-in-state-secrecy-2156894.html |title=Ombudsman blasts rise in state secrecy – National News |work=The Irish Independent |accessdate=18 October 2011 |date=29 April 2010 |archive-date=24 October 2012 |archive-url=https://web.archive.org/web/20121024222036/http://www.independent.ie/national-news/ombudsman-blasts-rise-in-state-secrecy-2156894.html |url-status=live }}</ref><ref>{{cite web |url=http://www.financialregulator.ie/consultative-panels/consumer/Documents/7%20June%202007%20Minutes.pdf |title=Archived copy |accessdate=2011-01-05 |url-status=dead |archiveurl=https://web.archive.org/web/20110721124630/http://www.financialregulator.ie/consultative-panels/consumer/Documents/7%20June%202007%20Minutes.pdf |archivedate=21 July 2011}}</ref><ref>{{cite web |url=http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Consultation%20on%20Consolidation%20of%20Financial%20Services%20Legislation.pdf |title=Archived copy |accessdate=2011-01-05 |url-status=dead |archiveurl=https://web.archive.org/web/20110721124724/http://www.financialregulator.ie/consultative-panels/consumer/formal-correspondence/Documents/Consultation%20on%20Consolidation%20of%20Financial%20Services%20Legislation.pdf |archivedate=21 July 2011}}</ref> who called for a lifting of the confidentiality applied by the regulator to much of its work.<ref>{{cite news |url=https://www.irishtimes.com/newspaper/ireland/2009/1222/1224261108794.html |title=Tue, Dec 22, 2009 – Regulator pledges 'more intrusive' bank supervision |newspaper=The Irish Times |date=12 December 2009 |accessdate=18 October 2011 |archive-date=19 October 2012 |archive-url=https://web.archive.org/web/20121019065355/http://www.irishtimes.com/newspaper/ireland/2009/1222/1224261108794.html |url-status=live }}</ref><ref>{{cite web |url=http://www.financialregulator.ie/consultative-panels/consumer/Documents/13%20December%202004%20Minutes.pdf |title=Archived copy |accessdate=2011-01-05 |url-status=dead |archiveurl=https://web.archive.org/web/20110721124717/http://www.financialregulator.ie/consultative-panels/consumer/Documents/13%20December%202004%20Minutes.pdf |archivedate=21 July 2011}}</ref> Other EU regulators have a policy of transparency.<ref>{{cite web|url=http://www.fsa.gov.uk/Pages/Information/Overview/index.shtml |archive-url=http://webarchive.nationalarchives.gov.uk/20081112121151/http%3A//www.fsa.gov.uk/Pages/Information/Overview/index.shtml |url-status=dead |archive-date=12 November 2008 |title=Overview of the FSA |publisher=Fsa.gov.uk |accessdate=18 October 2011 }}</ref><ref>{{cite web |url=http://www.fi.se/Templates/Page____4704.aspx |title=The Principle of Public Access – Finansinspektionen |publisher=Fi.se |date=26 April 2010 |accessdate=18 October 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20100817194204/http://www.fi.se/Templates/Page____4704.aspx |archivedate=17 August 2010}}</ref>

In Autumn of the same year, they were severely criticised in a report marked "strictly confidential and not for publication", commissioned on how it operates, said they were poor value for money and had too few specialist staff, compared with its peers.<ref>{{cite news|author=Top 20 football chants |url=http://www.independent.ie/business/irish/watchdog-blasted-in-its-own-confidential-report-1905928.html |archive-url=https://archive.today/20120914035452/http://www.independent.ie/business/irish/watchdog-blasted-in-its-own-confidential-report-1905928.html |url-status=dead |archive-date=14 September 2012 |title=Watchdog blasted in its own confidential report – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=7 October 2009 }}</ref> There were also serious shortcomings in the crucial supervisory area.<ref>{{cite web |author=Brian O’Mahony |url=http://www.irishexaminer.com/business/report-exposes-financial-regulators-shortcomings-102825.html |title=Report exposes Financial Regulator's 'shortcomings' |publisher=Irish Examiner |date=8 October 2009 |accessdate=18 October 2011 |archive-date=26 August 2011 |archive-url=https://web.archive.org/web/20110826034524/http://www.irishexaminer.com/business/report-exposes-financial-regulators-shortcomings-102825.html |url-status=live }}</ref><ref>{{cite web |url=http://www.finfacts.ie/irishfinancenews/article_1018066.shtml |title=Wednesday Newspaper Review – Irish Business News and International Stories – - October 07, 2009 |publisher=Finfacts.ie |accessdate=18 October 2011 |archive-date=27 September 2011 |archive-url=https://web.archive.org/web/20110927155046/http://www.finfacts.ie/irishfinancenews/article_1018066.shtml |url-status=live }}</ref> and the report was particularly critical of the regulator’s senior management structure, concluding that a clear management and oversight framework, which ensures that issues are escalated through the organisation, was "not fully in place".<ref>{{cite news |url=https://www.irishtimes.com/newspaper/finance/2009/1014/1224256613610.html |title=Wed, Oct 14, 2009 – Report critical of Financial Regulator |newspaper=The Irish Times |date=10 October 2009 |accessdate=18 October 2011 |archive-date=18 October 2012 |archive-url=https://web.archive.org/web/20121018051946/http://www.irishtimes.com/newspaper/finance/2009/1014/1224256613610.html |url-status=live }}</ref>

===Regret of the regulators creation===
Former ] ], in a report in the ] said that his decision in 2001 to create a new financial regulator was one of the main reasons for the collapse of the Irish banking sector and "if I had a chance again I wouldn’t do it".<ref>{{cite web |url=http://www.ft.com/cms/s/0/becb8b70-b917-11de-98ee-00144feab49a.html?nclick_check=1 |title=/ Europe – Ahern admits to part in Irish crisis |work=Financial Times |date=15 October 2009 |accessdate=18 October 2011 |archive-date=27 February 2010 |archive-url=https://web.archive.org/web/20100227061716/http://www.ft.com/cms/s/0/becb8b70-b917-11de-98ee-00144feab49a.html?nclick_check=1 |url-status=live }}</ref> "The banks were irresponsible," he admitted "But the Central Bank and the Financial Regulator seemed happy. They were never into us saying – ever – 'Listen, we must put legislation and control on the banks'. That never happened."<ref>{{cite news |author=Jody Corcoran |url=http://www.independent.ie/opinion/analysis/jody-corcoran-the-real-axis-of-collusion-was-that-of-see-no-evil-hear-no-evil-speak-no-evil-29383435.html |title=Jody Corcoran: The real 'axis of collusion' was that of see no evil, hear no evil, speak no evil |work=The Irish Independent |accessdate=19 March 2015 |date=30 June 2013 |archive-date=3 April 2015 |archive-url=https://web.archive.org/web/20150403033321/http://www.independent.ie/opinion/analysis/jody-corcoran-the-real-axis-of-collusion-was-that-of-see-no-evil-hear-no-evil-speak-no-evil-29383435.html |url-status=live }}</ref>

===Regulatory failures===
The director general of the Free Legal Advice Centres in October 2009 said, the code of conduct on mortgage arrears produced by the Financial Regulator was "deeply disappointing", and did not offer enough protection for consumers.<ref>{{cite web|author=Nice Change |url=http://www.herald.ie/national-news/mortgage-lenders-turn-heat--on-debtors-1912925.html |archive-url=https://archive.today/20120804045953/http://www.herald.ie/national-news/mortgage-lenders-turn-heat--on-debtors-1912925.html |url-status=dead |archive-date=4 August 2012 |title=Mortgage lenders turn heat on debtors – News, Frontpage |publisher=Herald.ie |accessdate=18 October 2011 }}</ref>

In a speech, the Governor of the Central Bank said that "ignorance and inattention" by FR staff were to blame for regulatory failure.<ref>{{cite web |url=http://www.finfacts.ie/irishfinancenews/article_1018588.shtml |title=Honohan says "ignorance and inattention" were at the heart of regulatory failure; IFSC group warns income tax hikes will cause job losses |publisher=Finfacts.ie |accessdate=18 October 2011 |archive-date=27 September 2011 |archive-url=https://web.archive.org/web/20110927155109/http://www.finfacts.ie/irishfinancenews/article_1018588.shtml |url-status=live }}</ref><ref>{{Cite web|url=http://www.centralbank.ie/frame_main.asp?pg=nws_article.asp?id=481&nv=nws_nav.asp|date=26 July 2010|archive-url=https://web.archive.org/web/20100726235633/http://www.centralbank.ie/frame_main.asp?pg=nws_article.asp%3Fid%3D481&nv=nws_nav.asp|accessdate=24 September 2020|archive-date=26 July 2010|title=The Central Bank & Financial Services Authority of Ireland|url-status=live}}</ref>

The Consumer Consultative Panel, in December 2009 said that they were unable to function for almost a year because officials ignored requests for meetings and "we believe it is unacceptable that the board of the Financial Regulator has failed to take responsibility for their stewardship of the organisation during the last six years.The FR did not understand many of the sectors and financial products it regulates.<ref>{{cite news |url=http://www.rte.ie/news/2009/1221/financial-business.html |title=Financial Regulator didn't protect consumers – RTÉ News |publisher=Rte.ie |date=21 December 2009 |accessdate=18 October 2011 |archive-date=22 February 2011 |archive-url=https://web.archive.org/web/20110222132950/http://www.rte.ie/news/2009/1221/financial-business.html |url-status=live }}</ref> These failings undermines their ability to enhance or enforce corporate governance in the wider financial services sector.It also warned "that the reforms announced to date were not sufficient to avert more crisis' in the future."<ref>{{cite news |url=https://www.irishtimes.com/newspaper/frontpage/2009/1221/1224261044428.html |title=Mon, Dec 21, 2009 – Regulator failed to protect consumers, says report |newspaper=The Irish Times |date=12 December 2009 |url-status=dead |access-date=20 February 2020 |archive-date=27 November 2010 |archive-url=https://web.archive.org/web/20101127235900/http://www.irishtimes.com/newspaper/frontpage/2009/1221/1224261044428.html }}</ref><ref>{{cite web|url=http://www.newstalk.ie/news/financial-regulator-under-fire/ |archive-url=https://archive.today/20120905035703/http://www.newstalk.ie/news/financial-regulator-under-fire/ |url-status=dead |archive-date=5 September 2012 |title=Financial Regulator under fire |publisher=Newstalk.ie |date=21 December 2009 |accessdate=18 October 2011 }}</ref>

The Financial Regulator should give an annual statement to the Dáil on bank supervision to make regulation ‘'more accountable'’, the Comptroller and Auditor General said in March 2010 after highlighting shortcomings in financial regulation leading up to the financial crisis .<ref>{{cite web |last=Kehoe |first=Ian |url=http://www.sbpost.ie/news/ireland/call-for-financial-regulator-to-address-dail-47949.html |title=Call for Financial Regulator to address Dáil &#124; The Post |publisher=Sbpost.ie |date=14 March 2010 |accessdate=18 October 2011 |archive-date=5 June 2011 |archive-url=https://web.archive.org/web/20110605032349/http://www.sbpost.ie/news/ireland/call-for-financial-regulator-to-address-dail-47949.html |url-status=live }}</ref><ref>{{cite web |url=http://www.audgen.gov.ie/viewdoc.asp?DocID=1215&CatID=17&StartDate=1+January+2010 |title=Special Report 72: Financial Regulator Press Release – Office of the Comptroller and Auditor General – Ireland |publisher=Audgen.gov.ie |date=22 March 2010 |accessdate=18 October 2011 |archive-date=2 October 2011 |archive-url=https://web.archive.org/web/20111002022616/http://www.audgen.gov.ie/viewdoc.asp?DocID=1215&CatID=17&StartDate=1+January+2010 |url-status=live }}</ref><ref>{{cite web|url=http://www.businessandfinance.ie/news/cat_news_detail.jsp?itemID=1184 |title=Shortcomings in financial regulation – report – Business & Finance |publisher=Businessandfinance.ie |date=22 March 2010 |accessdate=18 October 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20111003110256/http://www.businessandfinance.ie/news/cat_news_detail.jsp?itemID=1184 |archivedate=3 October 2011 }}</ref>

The next month, the FR Chief Executive outlined his shock at the poor level of financial regulation he discovered when he started his job the previous January and "it is clear to me we need to undertake a fundamental overhaul of the regulatory model for financial services in Ireland.''<ref>{{cite news|author=Independent Woman |url=http://www.independent.ie/business/irish/watchdog-tells-of-shock-at-lax-levels-of-enforcement-2138635.html |archive-url=https://archive.today/20120802195749/http://www.independent.ie/business/irish/watchdog-tells-of-shock-at-lax-levels-of-enforcement-2138635.html |url-status=dead |archive-date=2 August 2012 |title=Watchdog tells of shock at lax levels of enforcement – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=15 April 2010 }}</ref> He also said that there was a "critical absence of intellectual firepower within his staff''<ref>{{cite news|author=David Coleman |url=http://www.independent.ie/national-news/regulator-lacking-toplevel-graduates-2142595.html |archive-url=https://archive.today/20120803182242/http://www.independent.ie/national-news/regulator-lacking-toplevel-graduates-2142595.html |url-status=dead |archive-date=3 August 2012 |title=Regulator lacking top-level graduates – National News |work=The Irish Independent |accessdate=18 October 2011 |date=18 April 2010 }}</ref>

At the same time the influential German newspaper Siddeutsche Zeitung described as "remarkable" the FR's handling of a ]'s revelations that an Irish subsidiary of a central European bank had 40 times the permitted level of deviation of minimum liquidity requirements.
They also did not inform the parent bank and the relevant regulatory authority on the continent.<ref>{{cite news |url=https://www.irishtimes.com/newspaper/weekend/2010/0403/1224267604942.html |title=Sat, Apr 03, 2010 – The finance manager who tried to play by the rules |newspaper=The Irish Times |date=4 April 2010 |accessdate=18 October 2011 |archive-date=16 October 2011 |archive-url=https://web.archive.org/web/20111016201303/http://www.irishtimes.com/newspaper/weekend/2010/0403/1224267604942.html |url-status=live }}</ref><ref>{{dead link|date=June 2018|bot=medic}}{{cbignore|bot=medic}}</ref>

===Regulator allowed poor lending practices===
High risk and sloppy lending practices at the ] ] were reported to the Financial Regulator by external accountants over a long period but did not change its behaviour. The former head of compliance, became a whistle blower by reporting "dodgy practices" but again the authorities did nothing.<ref>{{cite web|url=http://www.tribune.ie/article/2010/apr/25/sticky-fingers/ |title=Sticky Fingers |accessdate=13 November 2010 |url-status=dead |archiveurl=https://web.archive.org/web/20100428014505/http://www.tribune.ie/article/2010/apr/25/sticky-fingers/ |archivedate=28 April 2010 }}</ref><ref>{{cite web|url=http://www.tribune.ie/archive/article/2002/nov/03/inbs-set-tles-discrimination-case-for-200k/ |title=Old Domain for the Sunday Tribune Ireland |accessdate=13 November 2010 |url-status=dead |archiveurl=https://web.archive.org/web/20160308071549/http://tribune.ie/archive/article/2002/nov/03/inbs-set-tles-discrimination-case-for-200k |archivedate=8 March 2016 }}</ref> It required a €5.4&nbsp;billion<ref>{{cite web |last=Clerkin |first=David |url=http://www.sbpost.ie/newsfeatures/taxpayers-shoulder-e54bn-nationwide-burden-52017.html |title=Taxpayers shoulder e5.4bn Nationwide burden &#124; The Post |publisher=Sbpost.ie |date=3 October 2010 |accessdate=18 October 2011 |archive-date=8 October 2010 |archive-url=https://web.archive.org/web/20101008125729/http://www.sbpost.ie/newsfeatures/taxpayers-shoulder-e54bn-nationwide-burden-52017.html |url-status=live }}</ref> Government bailout, leaving it effectively in State ownership.<ref>{{cite news |url=https://www.irishtimes.com/newspaper/frontpage/2010/0420/1224268700217.html |title=Tue, Apr 20, 2010 – Fingleton's successor says events at INBS an outrage |newspaper=The Irish Times |date=4 April 2010 |url-status=dead |access-date=20 February 2020 |archive-date=18 July 2011 |archive-url=https://web.archive.org/web/20110718184426/http://www.irishtimes.com/newspaper/frontpage/2010/0420/1224268700217.html }}</ref><ref>{{cite news |author=independent.ie apps |url=http://www.independent.ie/business/irish/nationwide-report-finds-no-fresh-issues-yet-with-fingleton-regime-2261023.html |title=Nationwide report finds no fresh issues yet with Fingleton regime – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=16 July 2010 |archive-date=24 October 2012 |archive-url=https://web.archive.org/web/20121024105426/http://www.independent.ie/business/irish/nationwide-report-finds-no-fresh-issues-yet-with-fingleton-regime-2261023.html |url-status=live }}</ref> A letter which the FR received concerning the legality of the illicit loans by the Building Society to ] had "gone missing".<ref>Ross Shane, The Bankers, Page 215, Penguin Ireland 2009, {{ISBN|978-0-14-104444-6}}</ref> Management at Irish Nationwide used to arrange meetings with the FR for late on a Friday afternoon, knowing that the regulator's staff would not want for the encounter to last for more than an hour because it would nibble into their weekend.<ref>Murphy and Devlin, Banksters, Page 262, Hachette Books Ireland 2009, {{ISBN|978-0-340-99482-5}}</ref>

The chief executive was asked at a parliamentary committee "In regard to baseline qualifications, if your staff is regulating the financial sector, should it not be the case where they should have the bare minimum required in the market as well, a qualified financial adviser status, or they've gone through certain industry exams. It's obviously important to have." But the FR chief disagreed: "I don't agree with that. But I think I'm conflicted because I've never taken a professional exam in my life."<ref>{{cite news |author=GrabOne daily deals |url=http://www.independent.ie/national-news/financial-watchdog-reveals-his-lack-of-a-specialist-qualification-2182088.html |title=Financial watchdog reveals his lack of a specialist qualification – National News |work=The Irish Independent |accessdate=18 October 2011 |date=16 May 2010 |archive-date=24 October 2012 |archive-url=https://web.archive.org/web/20121024105516/http://www.independent.ie/national-news/financial-watchdog-reveals-his-lack-of-a-specialist-qualification-2182088.html |url-status=live }}</ref>

===Regulators failings during the 2008 financial crisis===
June 2010 reports<ref>{{Cite web |url=http://www.bankinginquiry.gov.ie/Preliminary%20Report%20into%20Ireland%27s%20Banking%20Crisis%2031%20May%202010.pdf |title=Archived copy |access-date=17 December 2021 |archive-date=12 July 2019 |archive-url=https://web.archive.org/web/20190712193031/http://www.bankinginquiry.gov.ie/Preliminary%20Report%20into%20Ireland%27s%20Banking%20Crisis%2031%20May%202010.pdf |url-status=live }}</ref><ref>{{Cite web |url=http://www.bankinginquiry.gov.ie/The%20Irish%20Banking%20Crisis%20Regulatory%20and%20Financial%20Stability%20Policy%202003-2008.pdf |title=Archived copy |access-date=10 August 2010 |archive-date=19 September 2010 |archive-url=https://web.archive.org/web/20100919142434/http://www.bankinginquiry.gov.ie/The%20Irish%20Banking%20Crisis%20Regulatory%20and%20Financial%20Stability%20Policy%202003-2008.pdf |url-status=live }}</ref> on the financial crisis did not ask the opinion of their consumer consultative panel, who in a statement said it was "very disappointed that, in particular, the report by the FR's ultimate head did not refer to the work of the panel in highlighting many of the failings of the regulator in the past number of years."<ref>{{cite news |author=How to wear |url=http://www.independent.ie/business/irish/consumer-watchdog-accuses-honohan-of-ignoring-its-work-2228637.html |title=Consumer watchdog accuses Honohan of ignoring its work – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=21 June 2010 |archive-date=24 October 2012 |archive-url=https://web.archive.org/web/20121024105500/http://www.independent.ie/business/irish/consumer-watchdog-accuses-honohan-of-ignoring-its-work-2228637.html |url-status=live }}</ref><ref>{{Cite web |url=http://www.financialregulator.ie/consultative-panels/consumer/Documents/Performance%20Review%20of%20the%20Financial%20Regulator%20171209%20(2).pdf |title=Archived copy |access-date=23 August 2010 |archive-url=https://web.archive.org/web/20110222005746/http://www.financialregulator.ie/consultative-panels/consumer/Documents/Performance%20Review%20of%20the%20Financial%20Regulator%20171209%20(2).pdf |archive-date=22 February 2011 |url-status=dead}}</ref> Fresh areas of concern included the lack of minute-taking at senior levels in the Financial Regulator and among its board.
"If this is the situation that prevails, then this has to be a source of concern regarding the standard of governance."

One of the reports noted that the Financial Regulator had found substantial departures from credit policy during inspections of banks, but failed adequately to follow up on its concerns. Secondly intrusive demands from regulatory staff could be and were set aside after direct representations were made to senior regulators.<ref>{{dead link|date=October 2011}}</ref>

Two months later, it emerged that the FR authorised the ] (which subsequently went into administration) to borrow €169&nbsp;million from ] in order to buy Anglo Irish shares (which subsequently had to be nationalised at a cost of €5,500 for every man, woman and child in the State<ref>{{cite news |url=https://www.irishtimes.com/newspaper/opinion/2010/0812/1224276632260.html |title=Thu, Aug 12, 2010 – The cost of Anglo Irish Bank |newspaper=The Irish Times |date=8 August 2010 |accessdate=18 October 2011 |archive-date=1 February 2011 |archive-url=https://web.archive.org/web/20110201232804/http://www.irishtimes.com/newspaper/opinion/2010/0812/1224276632260.html |url-status=live }}</ref>).<ref>{{cite web|url=http://www.thepost.ie/newsfeatures/100-ways-to-spend-the-anglo-25000000000-51081.html |title=100 ways to spend the Anglo €25,000,000,000 &#124; The Post |publisher=Thepost.ie |date=15 August 2010 |accessdate=18 October 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20111001050120/http://www.thepost.ie/newsfeatures/100-ways-to-spend-the-anglo-25000000000-51081.html |archivedate= 1 October 2011 }}</ref> Its actions were described as "like the ] running an ]."<ref>{{cite news |author=independent.ie apps |url=http://www.independent.ie/opinion/columnists/kevin-myers/kevin-myers-irrationality-has-always-been-at-the-very-heart-of-irish-life-2281679.html |title=Kevin Myers: Irrationality has always been at the very heart of Irish life – Kevin Myers, Columnists |work=The Irish Independent |accessdate=18 October 2011 |date=3 August 2010 |archive-date=3 August 2012 |archive-url=https://archive.today/20120803071822/http://www.independent.ie/opinion/columnists/kevin-myers/kevin-myers-irrationality-has-always-been-at-the-very-heart-of-irish-life-2281679.html |url-status=live }}</ref><ref>{{cite news |author=Africa |url=http://www.independent.ie/business/irish/regulator-rejects-signing-off-on-anglo-euro169m-loan-to-quinn-2278199.html |title=Regulator rejects 'signing off' on Anglo €169m loan to Quinn – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=30 July 2010 |archive-date=31 July 2010 |archive-url=https://web.archive.org/web/20100731010847/http://www.independent.ie/business/irish/regulator-rejects-signing-off-on-anglo-euro169m-loan-to-quinn-2278199.html |url-status=live }}</ref><ref>{{cite news |url=https://www.irishtimes.com/newspaper/frontpage/2010/0729/1224275694619.html |title=Thu, Jul 29, 2010 – Regulator signed off on €169m loan from Anglo to Quinn |newspaper=The Irish Times |date=7 July 2010 |url-status=dead |access-date=20 February 2020 |archive-date=4 March 2011 |archive-url=https://web.archive.org/web/20110304174410/http://www.irishtimes.com/newspaper/frontpage/2010/0729/1224275694619.html }}</ref><ref>{{cite news |url=https://www.irishtimes.com/newspaper/finance/2010/0730/1224275807905.html |title=Fri, Jul 30, 2010 – Anglo unhappy at regulator's role in Quinn loan talks |newspaper=The Irish Times |date=7 July 2010 |accessdate=18 October 2011 |archive-date=21 October 2012 |archive-url=https://web.archive.org/web/20121021212651/http://www.irishtimes.com/newspaper/finance/2010/0730/1224275807905.html |url-status=live }}</ref>

On her September 2010 state tour to ], the President of Ireland ], highlighting the importance of competence,
launched an unprecedented attack on the Financial Regulator for their role in the financial crisis
which resulted in tens of thousands of people in mortgage arrears.<ref>{{cite news|url=http://www.belfasttelegraph.co.uk/news/local-national/republic-of-ireland/irish-president-mary-mcaleesersquos-astonishing-attack-over-irish-slump-14946185.html |archive-url=https://archive.today/20120721092053/http://www.belfasttelegraph.co.uk/news/local-national/republic-of-ireland/irish-president-mary-mcaleesersquos-astonishing-attack-over-irish-slump-14946185.html |url-status=dead |archive-date=21 July 2012 |title=Irish President Mary McAleese's astonishing attack over slump |date=11 September 2010 |newspaper=Belfast Telegraph }}</ref><ref>{{cite news |author=independent.ie apps |url=http://www.independent.ie/national-news/mcaleese-hails-milestone-medvedev-talks-2335255.html |title=McAleese hails 'milestone' Medvedev talks – National News |accessdate=18 October 2011 |date=13 September 2010 |archive-date=25 October 2012 |archive-url=https://web.archive.org/web/20121025012834/http://www.independent.ie/national-news/mcaleese-hails-milestone-medvedev-talks-2335255.html |url-status=live }}</ref>

The same month, it was reported that the German television station ] in a programme filmed in Ireland on banking said ‘'is an open secret that the rules here are not exactly strict'’.<ref>{{cite web|url=http://www.sbpost.ie/post/pages/p/wholestory.aspx-qqqt=THE+INSIDER-qqqs=themarket-qqqsectionid=3-qqqc=3.7.0.0-qqqn=1-qqqx=1.asp |archive-url=https://web.archive.org/web/20061004143148/http://www.sbpost.ie/post/pages/p/wholestory.aspx-qqqt%3DTHE%2BINSIDER-qqqs%3Dthemarket-qqqsectionid%3D3-qqqc%3D3.7.0.0-qqqn%3D1-qqqx%3D1.asp |title=McDowell gives homebuyers the jitters|url-status=dead |archive-date= 4 October 2006 |accessdate=25 August 2010 }}</ref>

Almost simultaneously external reviewers highlighted the "unacceptable" pace of investigation into how the financial system in Ireland came close to collapse "leaves a lot to be desired". This was contrasted with the US and ], which have moved faster to examine what went wrong. "Furthermore, there has been very little outcome from ongoing investigations into dealings at some of our major institutions by the Financial Regulator".<ref>{{cite news |url=https://www.irishtimes.com/newspaper/breaking/2010/0923/breaking8.html?via=mr |title=Thu, Sep 23, 2010 – Banks 'fleecing' customers – report |newspaper=The Irish Times |date=9 September 2010 |accessdate=18 October 2011 |archive-date=22 October 2012 |archive-url=https://web.archive.org/web/20121022033824/http://www.irishtimes.com/newspaper/breaking/2010/0923/breaking8.html?via=mr |url-status=live }}</ref><ref>{{cite news |url=http://www.rte.ie/news/2010/0923/presswatch-business.html |title=Today in the press – RTÉ News |publisher=Rte.ie |date=23 September 2010 |accessdate=18 October 2011 |archive-date=26 October 2012 |archive-url=https://web.archive.org/web/20121026111744/http://www.rte.ie/news/2010/0923/presswatch-business.html |url-status=live }}</ref>

Criminal prosecutions by the ] against managers in banks who committed offences are being undermined as the FR were aware of the alleged offences, took no action to stop them and thus provided an arguable defence to those who committed wrongdoing, as they could reasonably claim they were acting with the approval of regulatory authorities at all times. One line of inquiry being investigated by detectives is that the FR did not inform the Department of Finance of all facts they knew about the banking industry. Two arrests were made following a complaint made by two officials in the Financial Regulator's office.<ref>Mooney John, The Sunday Times, Dublin 2, 3 October 2010</ref><ref>{{cite news |author=independent.ie apps |url=http://www.independent.ie/national-news/key-bankers-advised-to-sit-tight-over-inquiries-2383729.html |title=Key bankers advised to 'sit tight' over inquiries – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=18 October 2010 |archive-date=21 October 2010 |archive-url=https://web.archive.org/web/20101021005838/http://www.independent.ie/national-news/key-bankers-advised-to-sit-tight-over-inquiries-2383729.html |url-status=live }}</ref><ref>{{cite news |url=https://www.irishtimes.com/newspaper/finance/2010/1026/1224282004681.html |title=Anglo board told Quinn share loans not unlawful – The Irish Times – Tue, Oct 26, 2010 |newspaper=The Irish Times |date=26 October 2010 |accessdate=18 October 2011 |archive-date=20 August 2011 |archive-url=https://web.archive.org/web/20110820043126/http://www.irishtimes.com/newspaper/finance/2010/1026/1224282004681.html |url-status=live }}</ref><ref>{{cite news |author=Independent Woman |url=http://www.independent.ie/business/irish/anglo-were-advised-records-show-regulator-knew-of-ilp-deposit-2413732.html |title=Anglo were advised records 'show Regulator knew of IL&P deposit' – Irish, Business |work=The Irish Independent |accessdate=18 October 2011 |date=10 November 2010 |archive-date=25 October 2012 |archive-url=https://web.archive.org/web/20121025215247/http://www.independent.ie/business/irish/anglo-were-advised-records-show-regulator-knew-of-ilp-deposit-2413732.html |url-status=live }}</ref>

The ] in a November 2010 review of the financial crisis said "Some national supervisory authorities failed dramatically. We know that in Ireland there was almost no supervision of the large banks".<ref>{{cite news | url=http://www.economist.com/node/17420116?story_id=17420116 | newspaper=The Economist | title=Continental shift | date=4 November 2010 | access-date=8 November 2010 | archive-date=14 November 2010 | archive-url=https://web.archive.org/web/20101114052240/http://www.economist.com/node/17420116?story_id=17420116 | url-status=live }}</ref>

===Davy Stockbrokers case===
Five years elapsed before the FR forced ] to inform investors, who lost tens of millions of Euro, that ‘'the instrument sold was not compliant with the Trustees (Authorised Investments) Order at the time of its sale as it was not listed on a recognised Stock Exchange'’ and it "dealt as principal in both the purchase and sale and was in breach of the rules of the ] by not disclosing this fact on its contract note'’. The effected parties had settled their claim against the stockbroker, before receiving the notification, and it was suggested they could have received much more compensation if the FR had ensured that their adverse findings about the case was communicated. The full report was not published and no regulatory action was taken.<ref>{{cite web |last=Barrington |first=Kathleen |url=http://www.sbpost.ie/news/davy-forced-to-inform-credit-unions-of-adverse-findings-52866.html |title=Davy forced to inform credit unions of adverse findings &#124; The Post |publisher=Sbpost.ie |date=14 November 2010 |accessdate=18 October 2011 |archive-date=18 November 2010 |archive-url=https://web.archive.org/web/20101118052723/http://www.sbpost.ie/news/davy-forced-to-inform-credit-unions-of-adverse-findings-52866.html |url-status=live }}</ref>

===International Monetary fund review===
Within days, after the arrival in Ireland of the ], they admitted that the stress tests on banks, that the FR conducted 4 months earlier<ref>{{cite news |url=https://www.irishtimes.com/newspaper/breaking/2010/0727/breaking64.html |title=Tue, Jul 27, 2010 – Stress test results buoy banks |newspaper=The Irish Times |date=7 July 2010 |accessdate=18 October 2011 |archive-date=8 November 2010 |archive-url=https://web.archive.org/web/20101108023843/http://www.irishtimes.com/newspaper/breaking/2010/0727/breaking64.html |url-status=live }}</ref> "failed to convince financial markets"<ref>{{cite news|url=http://www.belfasttelegraph.co.uk/business/business-news/republics-stress-tests-fail-to-ease-capital-fear-15011232.html |archive-url=https://archive.today/20120721175226/http://www.belfasttelegraph.co.uk/business/business-news/republics-stress-tests-fail-to-ease-capital-fear-15011232.html |url-status=dead |archive-date=21 July 2012 |title=Republic's stress tests fail to ease capital fear |date=23 November 2010 |newspaper=Belfast Telegraph }}</ref> and the level of capital that the banks needed which they recently described as at "shock and awe" safety levels would be increased by 50 per cent.<ref>{{cite news |url=https://www.irishtimes.com/newspaper/frontpage/2010/1124/1224284027899.html |title=Bank levy may break corporation tax rate deadlock – The Irish Times – Wed, Nov 24, 2010 |newspaper=The Irish Times |date=24 November 2010 |url-status=dead |access-date=20 February 2020 |archive-date=5 March 2011 |archive-url=https://web.archive.org/web/20110305232439/http://www.irishtimes.com/newspaper/frontpage/2010/1124/1224284027899.html }}</ref>

==See also==
* ]
* ]
* ]

== References ==
{{Reflist|30em}}


]
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Latest revision as of 10:03, 6 November 2024

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Financial Regulator
Rialtóir Airgeadais
Agency overview
Formed1 May 2003
Dissolved1 October 2010
Superseding agency
JurisdictionIreland
HeadquartersRepublic of Ireland Dublin
Agency executives
Parent agencyCentral Bank of Ireland
WebsiteWeb archive

The Financial Regulator (Irish: Rialtóir Airgeadais), officially the Irish Financial Services Regulatory Authority, was the single regulator of all financial institutions in Ireland from May 2003 until October 2010 and was a "constituent part" of the Central Bank of Ireland. It was re-unified with the Central Bank of Ireland on 1 October 2010 and its board structure was replaced by a new Central Bank of Ireland Commission.

Matthew Elderfield, formerly head of the Bermuda Monetary Authority, led the organisation from January 2010 until it was disestablished in November 2010. The previous chief executive officer was Patrick Neary, who retired early over the handling of the regulator's investigation into the €87 million in secret directors' loans at Anglo Irish Bank. The incumbent before that, had companies he is a director of, fined a total of €3.35 million by his previous employers the Financial Regulator, for risk control and reporting failures.

History

Establishment

The Financial Regulators HQ in Dame Street

The regulator was established on 1 May 2003 by the Central Bank and Financial Services Authority of Ireland Act, 2003. The regulator was a distinct element of the Central Bank and Financial Services Authority of Ireland with clearly defined regulatory responsibilities which covered all Irish financial institutions, including those previously regulated by the Central Bank of Ireland, the Department of Enterprise, Trade and Employment, the Office of the Director of Consumer Affairs and the Registrar of Friendly Societies.

One of the regulators main mandates was a role in consumer protection. It also took over the policing of the Irish Stock Exchange on 1 November 2007, assuming day-to-day responsibility for detecting and investigating market abuse. It had a headcount of 377.

Developments that led to its disestablishment

Following the failure of the then-regulatory structures to prevent excessive lending to the property sector, consultants Mazars, which were brought in to review operations said that "regulatory expertise was lacking in some areas."

Responding to the highlighted weakness, Brian Lenihan, the then Minister for Finance, said "substantial additional staff with the skills, experience and market-based expertise will be appointed. Those recruited will also have the expertise to regulate the international financial services sector." He also announced that all consumer functions will be '"reassigned"' to other agencies.

In June 2009 the government announced that a new body, called the Central Bank of Ireland Commission, would replace the then board structure of the Central Bank and the Regulator. A July 2009 editorial, in the respected Sunday Business Post, said "returning the key powers of regulation to the Central Bank will be useless unless there is a fundamental change in the culture of the organisation. This does not require a complete change of personnel, but a change of key personnel." The Irish Times, a national "newspaper of record" opined that "the Financial Regulator has a death wish and its regulatory edict verges on the Pythonesque, eating into what is left of its credibility." Staff, who worked 32.5 hours per week or 6.5 hours a day, went on strike in November 2009

Controversy

Main article: Anglo Irish Bank hidden loans controversy

2004 Sachen LB case

The Financial Regulator was warned by the German regulator, BaFin, as early as 2004 that Sachsen LB's troubled Irish subsidiaries were involved in highly risky and under-scrutinised transactions worth as much as €30bn or 20 times the parent bank's capitalisation. Despite the warning, in 2007 the Regulator approved another Sachsen investment vehicle and two months later the stable of off-balance sheet companies needed a €17.3bn bail-out from the German association of savings banks to keep Sachsen afloat.

Wild West of European finance

The Irish Brokers Association said there was "intense frustration and annoyance" about excessive red tape and the FR refusing to listen to them in 2005.

The same year the Regulator was criticised for publishing a report, which it was said, read a bit like a promotional brochure for the money lending industry. It included a section devoted to arguing why moneylenders should be allowed to charge as much as they do. (188%-plus collection fees of up to 11%.)

The New York Times referred to the Irish insurance industry as the "Wild West of European finance" in April 2005 which was seen to underline the fragility of the Country's Financial Regulation system.

Dissatisfaction with the regulator

The Australian Authorities warned the Financial Regulator of the activities of person connected with the largest bankruptcy in that country's history. The FR did nothing, he went on to commit a US$500 million fraud and pleaded guilty in the US despite the crime being committed in Ireland.

Their consumer panel stated that the regulator was slow to respond to consumer issues and '"appears to seek complexity and obstacles rather than to seek consumer-oriented solutions to current and emerging problems"'. And it warned that this approach can undermine consumer confidence in the "efficacy of the regulatory process. "

The same month in 2006, a government-appointed panel that consisted of banking and insurance representatives revealed widespread dissatisfaction with the regulator’s skills base.

The regulator’s industry panel, which provided the regulator with feedback on its charges and policies said the levy on financial institutions for industry funding was ‘'perceived by industry as cumbersome and bureaucratic'’ and had ‘'major concerns with the quality and cost of the services'’ provided to the regulator by the Central Bank.

They did not give their consumer panel a copy of the report of the working group set up following the collapse of a stockbrokers, where some investors were waiting over 7 years to have their claims processed. When the panel managed to get sight of it, they said it was "extremely deficient"

2007 calls for an independent review

In July 2007, the Comptroller and Auditor General called for an independent review of the inspection process for financial institutions carried out by the Financial Regulator. The Comptroller urged the introduction of clearly defined risk categories for individual areas of financial services, so that the appropriate level of supervision required for each institution can be implemented in line with the risk involved.

Transcripts of phone calls by the Financial Regulator's senior staff suggested they gave tacit approval to the illicit movement of deposits involving Irish Life and Permanent plc. "Okay, that's grand, right I think that's everything". The regulator refused to say whether staff might face disciplinary procedures or sanctions if the transcripts were validated and investigated internally.

Allied Irish bank case

The Financial Regulator knew that Allied Irish Banks were overcharging consumers in FX fees but failed to act for a number of years. They gave a parliamentary inquiry the "false impression" that they were unaware of it. The whistleblower who gave the FR the information was requested to come to a meeting with them but was only invited to withdraw the allegations of wrongdoing and at the same time found himself removed from his position at Allied Irish Banks without any reason given. After his case was highlighted in the media, the FR officially apologised on how the authorities treated him, eight years after alerting them of overcharging.

The same whistleblower also sent a report entitled 'Special Investigation Goodbody Stockbrokers – Trading in AIB Shares' to the FR, in which questions were raised about the legality of a device used to trade in AIB shares through offshore locations in blacklisted tax havens Nevis and Vanuatu. No action was taken.

Deficient response from the regulator

The Financial Services Consultative Consumer Panel, which was tasked with monitoring the performance of the Financial Regulator, said that most consumers had lost "significant amounts of money" due to the inadequacies of the financial regulatory structure. It also criticised the "deficient" response of the regulator to threats to consumers, including the Irish property bubble. In response they said "It is clear that the actions we took were insufficient and were not taken early enough",

The Fine Gael leader Enda Kenny and finance spokesman Richard Bruton called for the board and senior management of the Financial Regulator to be sacked. Independent Senator, Shane Ross said that the FR was an institution that had lost the faith of the international markets "They think it is actually genetically flawed. That is the problem we’re going to have to attack next".

Ernst & Young and the bank guarantee scheme

Ernst & Young was hired, to advise the Financial Regulator on the €440 billion bank guarantee scheme in January 2009, despite the fact that Ernst & Young was being investigated arising from its audits of Anglo Irish Bank and had also refused to appear before a parliamentary committee following the collapse of the same bank after receiving "legal advice". The then Chief Executive of the Financial Regulator told the same committee that "a lay person would expect that issues of this nature and this magnitude would have been picked up” by the external auditors. At the same time the lowest tender was not chosen for the fit out of new offices in Spencer Dock in Dublin's docklands.

FR muzzles critical comments

In July 2009, they blocked insurers and banks from making any critical statements containing "any references to the Financial Regulator" by means either of "public press statements" or un-approved public references, whether "written or oral."

Credit union perpetual bond case

Two reports of an investigation into the "wholly inappropriate sale of perpectual bonds" by Davy Stockbrokers to credit unions failed to involve any of the credit unions affected, leaving them "in the dark and powerless to add any value to the findings of this investigation". The FR then declined to give them access to the reports. The Chairman of one of the Credit Union's who suffered large losses told his members ‘'The failure to publish the reports is to place the complaints process in a shroud of secrecy. Such a failure of openness, transparency and fairness can only serve to undermine confidence in the complaints process, forcing those with grievances into the courts. Such a course of action is not in the interest of any of the stakeholders".

They had to admit that it had issued private warnings to over 30% of credit unions about their arrears levels, but refused to provide full updates on what percentage of credit union loans are in arrears or how quickly they are increasing. This raised questions about the Financial Regulator's commitment to openness.

German regulators Depfa Bank criticism

The next month, the head of the German Financial Regulator told the Bundestag Finance Committee that the failure of the "terrible" Depfa Bank, which was completely supervised by the Irish Financial Regulator, lead to the collapse of its German parent which forced Berlin to bail it out at a cost of €102 billion. The committee was told that the alternative was a run on German banks and the eventual collapse of the European finance system and "You would have woken up on Monday morning in the film Apocalypse Now" The bank had just 319 employees but was allowed to guarantee loans valued at 14 times Ireland's Gross Domestic Product. A former Governor of the FR's parent, the Central Bank of Ireland, was a director of Depfa. Regulatory failure was acknowledged and this is a source of continuing friction with the German authorities.

Non transparency

Transparency International have questioned whether the Financial Regulator should continue to have an exemption from Freedom of Information legislation. Compliance experts have said "The most offensive confidentiality provision in Ireland is the one which protects the Financial Regulator" Both the Financial Services Ombudsman and Information Commissioner, are among others, who called for a lifting of the confidentiality applied by the regulator to much of its work. Other EU regulators have a policy of transparency.

In Autumn of the same year, they were severely criticised in a report marked "strictly confidential and not for publication", commissioned on how it operates, said they were poor value for money and had too few specialist staff, compared with its peers. There were also serious shortcomings in the crucial supervisory area. and the report was particularly critical of the regulator’s senior management structure, concluding that a clear management and oversight framework, which ensures that issues are escalated through the organisation, was "not fully in place".

Regret of the regulators creation

Former Taoiseach Bertie Ahern, in a report in the Financial Times said that his decision in 2001 to create a new financial regulator was one of the main reasons for the collapse of the Irish banking sector and "if I had a chance again I wouldn’t do it". "The banks were irresponsible," he admitted "But the Central Bank and the Financial Regulator seemed happy. They were never into us saying – ever – 'Listen, we must put legislation and control on the banks'. That never happened."

Regulatory failures

The director general of the Free Legal Advice Centres in October 2009 said, the code of conduct on mortgage arrears produced by the Financial Regulator was "deeply disappointing", and did not offer enough protection for consumers.

In a speech, the Governor of the Central Bank said that "ignorance and inattention" by FR staff were to blame for regulatory failure.

The Consumer Consultative Panel, in December 2009 said that they were unable to function for almost a year because officials ignored requests for meetings and "we believe it is unacceptable that the board of the Financial Regulator has failed to take responsibility for their stewardship of the organisation during the last six years.The FR did not understand many of the sectors and financial products it regulates. These failings undermines their ability to enhance or enforce corporate governance in the wider financial services sector.It also warned "that the reforms announced to date were not sufficient to avert more crisis' in the future."

The Financial Regulator should give an annual statement to the Dáil on bank supervision to make regulation ‘'more accountable'’, the Comptroller and Auditor General said in March 2010 after highlighting shortcomings in financial regulation leading up to the financial crisis .

The next month, the FR Chief Executive outlined his shock at the poor level of financial regulation he discovered when he started his job the previous January and "it is clear to me we need to undertake a fundamental overhaul of the regulatory model for financial services in Ireland. He also said that there was a "critical absence of intellectual firepower within his staff

At the same time the influential German newspaper Siddeutsche Zeitung described as "remarkable" the FR's handling of a whistleblower's revelations that an Irish subsidiary of a central European bank had 40 times the permitted level of deviation of minimum liquidity requirements. They also did not inform the parent bank and the relevant regulatory authority on the continent.

Regulator allowed poor lending practices

High risk and sloppy lending practices at the Irish Nationwide Building Society were reported to the Financial Regulator by external accountants over a long period but did not change its behaviour. The former head of compliance, became a whistle blower by reporting "dodgy practices" but again the authorities did nothing. It required a €5.4 billion Government bailout, leaving it effectively in State ownership. A letter which the FR received concerning the legality of the illicit loans by the Building Society to Sean FitzPatrick had "gone missing". Management at Irish Nationwide used to arrange meetings with the FR for late on a Friday afternoon, knowing that the regulator's staff would not want for the encounter to last for more than an hour because it would nibble into their weekend.

The chief executive was asked at a parliamentary committee "In regard to baseline qualifications, if your staff is regulating the financial sector, should it not be the case where they should have the bare minimum required in the market as well, a qualified financial adviser status, or they've gone through certain industry exams. It's obviously important to have." But the FR chief disagreed: "I don't agree with that. But I think I'm conflicted because I've never taken a professional exam in my life."

Regulators failings during the 2008 financial crisis

June 2010 reports on the financial crisis did not ask the opinion of their consumer consultative panel, who in a statement said it was "very disappointed that, in particular, the report by the FR's ultimate head did not refer to the work of the panel in highlighting many of the failings of the regulator in the past number of years." Fresh areas of concern included the lack of minute-taking at senior levels in the Financial Regulator and among its board. "If this is the situation that prevails, then this has to be a source of concern regarding the standard of governance."

One of the reports noted that the Financial Regulator had found substantial departures from credit policy during inspections of banks, but failed adequately to follow up on its concerns. Secondly intrusive demands from regulatory staff could be and were set aside after direct representations were made to senior regulators.

Two months later, it emerged that the FR authorised the Quinn Group (which subsequently went into administration) to borrow €169 million from Anglo Irish Bank in order to buy Anglo Irish shares (which subsequently had to be nationalised at a cost of €5,500 for every man, woman and child in the State). Its actions were described as "like the Vatican running an abortion clinic."

On her September 2010 state tour to Russia, the President of Ireland Mary McAleese, highlighting the importance of competence, launched an unprecedented attack on the Financial Regulator for their role in the financial crisis which resulted in tens of thousands of people in mortgage arrears.

The same month, it was reported that the German television station ZDF in a programme filmed in Ireland on banking said ‘'is an open secret that the rules here are not exactly strict'’.

Almost simultaneously external reviewers highlighted the "unacceptable" pace of investigation into how the financial system in Ireland came close to collapse "leaves a lot to be desired". This was contrasted with the US and Iceland, which have moved faster to examine what went wrong. "Furthermore, there has been very little outcome from ongoing investigations into dealings at some of our major institutions by the Financial Regulator".

Criminal prosecutions by the Garda Síochána against managers in banks who committed offences are being undermined as the FR were aware of the alleged offences, took no action to stop them and thus provided an arguable defence to those who committed wrongdoing, as they could reasonably claim they were acting with the approval of regulatory authorities at all times. One line of inquiry being investigated by detectives is that the FR did not inform the Department of Finance of all facts they knew about the banking industry. Two arrests were made following a complaint made by two officials in the Financial Regulator's office.

The European Commission in a November 2010 review of the financial crisis said "Some national supervisory authorities failed dramatically. We know that in Ireland there was almost no supervision of the large banks".

Davy Stockbrokers case

Five years elapsed before the FR forced Davy Stockbrokers to inform investors, who lost tens of millions of Euro, that ‘'the instrument sold was not compliant with the Trustees (Authorised Investments) Order at the time of its sale as it was not listed on a recognised Stock Exchange'’ and it "dealt as principal in both the purchase and sale and was in breach of the rules of the Irish Stock Exchange by not disclosing this fact on its contract note'’. The effected parties had settled their claim against the stockbroker, before receiving the notification, and it was suggested they could have received much more compensation if the FR had ensured that their adverse findings about the case was communicated. The full report was not published and no regulatory action was taken.

International Monetary fund review

Within days, after the arrival in Ireland of the International Monetary Fund, they admitted that the stress tests on banks, that the FR conducted 4 months earlier "failed to convince financial markets" and the level of capital that the banks needed which they recently described as at "shock and awe" safety levels would be increased by 50 per cent.

See also

References

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