ECB Has ‘Serious Concerns’ About Irish Bank Proposals
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The European Central Bank said it has “serious concerns” that Ireland’s new banking legislation may threaten the central bank’s independence and its ability to run liquidity operations.
“The ECB has serious concerns that the draft law is insufficiently legally certain,” the central bank said in a position paper dated Dec. 17, published on its website. The Irish law should not hurt the ability of euro-region monetary authorities “to enforce their rights including, without limitation, the enforcement of security over any eligible collateral posted by any relevant institution.”