May 26, 2010

CAB-Style Regulatory Authority

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Create a new financial regulatory body with red-tape-slashing CAB-style powers – the Untouchables if you will – staffed by a small team of independent economists (I can think of one), an accountant, some coppers (with no relatives in financial institutions or Government) and a judge.
Get Mary McAleese to appoint them.
Do not cap bank chiefs\’ salaries and bonuses – but make them conditional to the bank being given a green light to do so by this new regulatory authority. A red light will send a warning signal to the markets that will be reflected in the bank\’s share price – the fear of this will ensure better financial housekeeping in the banks.