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FIVE IRISH-BASED INSTITUTIONS have been included in a list of banks to be subjected to a series of tests by the European Central Bank next year.
Bank of Ireland, AIB, Merrill Lynch International Bank, Ulster Bank and Permanent TSB have been named on a list of 128 banks to take part in the process, which is aimed at boosting confidence in the sector.
The list also includes 16 lenders in Spain, 15 in Italy and four each in Portugal, Greece and Cyprus.
The ECB says the move is aimed at achieving greater transparency of the banks’ balance sheets and more consistency in supervisory practices across Europe.
It’s planned the assessment will commence in November of this year and take 12 months to complete.
According to the ECB:
The exercise has three main goals: transparency – to enhance the quality of information available on the condition of banks; repair – to identify and implement necessary corrective actions, if and where needed; and confidence building – to assure all stakeholders that banks are fundamentally sound and trustworthy.
The outcomes and any recommendations will be published at the end of the process, prior to the ECB assuming its supervisory role as part of a European banking union in November of next year.
“A single comprehensive assessment, uniformly applied to all significant banks, accounting for about 85 per cent of the euro area banking system, is an important step forward for Europe and for the future of the euro area economy,” ECB President Mario Draghi said.
“Transparency will be its primary objective. We expect that this assessment will strengthen private sector confidence in the soundness of euro area banks and in the quality of their balance sheets.”
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GREAT IDEA.
Once they’re aware all these projects in Ireland will come in 100% OVER budget and late
And who is going to do the work?
We don’t have enough builders to build desperately needed houses as it is without syphoning off more of them for retrofitting.
I’m not suggesting climate change isn’t real but unfortunately homelessness is a greater crisis at the moment.
All grants for retrofitting should be paused for at least a decade.
@P.J. Nolan: you are on here every day claiming there isn’t builders. I’ve had to set you straight about 5 times now. Also people who are retrofitting insulation will be completely different to the ones building housing, it’s not done by insulation companies it’s done by the dry lining or carpentry crews and the externals by either the brick layers or cladding crews. And even then it’s usually the labourers or apprentices doing it
@Martin Mongan:
And as I have asked you before, if there is no shortage why do SF say it will at least 10 years to sort out the housing crisis?
They are right, it will, at least.
@P.J. Nolan: because it takes time to build something….? Do you think we just click our fingers and houses pop up? Do you understand the processes you have to go through to even just buy the land, nevermind the design and planning stage. Ground works alone can take more then a year depending on the size
@P.J. Nolan: well Intel’s big job is slowly wrapping up so that’ll free up workers
@Martin Mongan: well we have 100k of Ukrainians and at least 12k/ year of IPAS applicants all on the scratcher. Maybe if we trained them they might build a few.
@Thomas Hayes: they’d have to legally allowed work first
They couldn’t give a flying retrofit about the homeless or those with homes for that matter.Those that rely on fossil fuel will continue to be taxed and penalised.
Trust in the EU machine being eroded fast across eu citizens. Changing times indeed.
How do you retrofit a tent for homeless people who can’t afford a roof over their heads because rental prices are too high or people who look at an empty fridge for the same reason?
The dynamics of society are volatile as ideologues chase conceptual rainbows of climate change modelling and act out solutions that have nothing to do with planetary climate.
The emergence of the maga crowd in the USA is no accident in reaction to an equally vacuous and pretentious group that dominates an educational, cultural and social-political clique.
26 years is plenty of time for this plan to go nowhere, as happens with a lot of these grandiose, long-term schemes. That means, of course, that large sums of money will inevitably change hands in the meantime, with several fortunes no doubt being made. Most of those involved will have long retired or passed away by 2050. Ciarán Cuffe will be 87. There’ll be no one left around to explain how the plan just sort of petered out with very little to show for it. That’s assuming there’s still an EU in 26 years, and I would have some doubts in that regard. Times and attitudes change, and no treaty lasts forever…
The biggest issue is energy generation. Increase the use of nuclear power and close down coal generation. This is the main cause of emissions. Once our energy generation is carbon neutral then run the transport system of it and over half emmisons will dissappear. But no. It will be taxes and restrictions on individuals instead .
better make it 2 trillion cos once it comes to Ireland everything will be 100%+ over budget
Looking forward to learning more about this at the upcoming ZEB Summit
I’ll send them on my address for the retrofit seeing it’s like a half way house here anyway !!
Green building plan .
Held shares in 6 oil companies.
That does not sound like a green plan to me .
Green party are full of bull.
have your say