|Financial Stability||To contribute to the maintenance of financial and economic stability|
|Shareholding Management||To manage the State’s interests in the restructuring and deleveraging of the banking sector|
|EU Banking Policy, International and Competition||To contribute to the development of EU policy and legislation on banking issues, to monitor competition issues and to assist in the further development of the international banking services sector in Ireland|
|Bank Sector Lending||To develop and implement a national framework for credit and lending policy for banks and other providers which underpins economic recovery consistent with maintaining the prudential status of the banks|
|Programme Office||To coordinate and report within the Division|
The Banking Division does not operate in a vacuum. Successful outcomes require close cooperation with the other Divisions in the Department: Taxation and Financial Services Division and Budget and Economics Division. We work closely with our colleagues to achieve the Department and the Division’s overall objectives. In particular, coordination and cooperation with the Financial Services section of the Taxation and Financial Services Division is extremely important.
The Financial Services unit is responsible for policy and legislation on the regulation of the financial services sector (prudential and consumer aspects); and the development of EU policy and legislation for the financial services sector, including the transposition of EU directives. They also ensure that the National Asset Management Agency operates within the statutory framework underpinning the agency so as to achieve its policy objectives. We cooperate closely with the Financial Services Unit on a range of issues that relate to the responsibilities of both Divisions. These include consumer issues in the banking sector, financial inclusion, the preparation of legislation with an impact on the banking sector, and EU discussions of banking issues.
Issues with significant overlap with the Taxation unit include supporting and developing the international financial services industry and assessing the impact of taxation changes on key policy areas like new mortgage lending. The work of the Budget and Economics Division is also clearly linked to our work – it is impossible to consider strategies for the banking sector outside of the broader economy. Finally, our actions need to be considered in the context of the possible impact on the Government finances.