Belfast Telegraph

Bank reform laws rubber stamped

Controversial laws to reform the banks have been rubber stamped by President Mary McAleese.

The Council of State, which advises the President, was summoned to Aras an Uachtarain over concerns about the legislation which was rushed through the Dail last week.

Ms McAleese has the power to refer planned laws to the Supreme Court - after consulting with the council - if they are suspected to be unconstitutional.

But after a three hour meeting the President tonight signed the Credit Institutions (Stabilisation) Bill.

The legislation hands Finance Minister Brian Lenihan new powers to restructure the banks.

Opposition parties and the European Central Bank had voiced concerns about the extent of the new powers.

The Council of State has 22 members, including the Taoiseach, the Tanaiste, former President Mary Robinson, five ex-Taoisigh, senior judges, the Ceann Comhairle, Attorney General and others appointed by the President.

The latest meeting was the seventh time President McAleese had convened the Council of State.


From Belfast Telegraph