We have long known that we would have a “dismantling” of our banking system by the end of the century if the banking sector in Ireland is to survive.
Yet, for all the talk of the need to bring the banking system back under control, we do not want a “crony capitalism” where only those who can afford to do so have the power.
There is a real need to restore the balance between financial services and other forms of economic activity in the country, and this needs to be done with a new and more effective financial system, one that is more resilient, less dependent on central banks, and more able to withstand shocks and crises.
In that context, a more sustainable banking system would be of critical importance.
Achieving that is one of the tasks of a Financial Action Task Force, and it is a task that will be tackled by the Irish government this week.
In the last few years, we have seen a lot of interest from international financial institutions (FIIs) to join the effort to bring Irish banking back into the 21st century.
But we do need to be realistic and take a more pragmatic approach.
We need to understand the challenges and opportunities that lie ahead and take steps to help the Irish financial system achieve what is possible.
What does the future hold for Irish banking?
There are a number of factors that can affect how we approach the issue of a new banking system.
For example, it is very likely that the next government will take a very different approach from that which was taken by the previous one.
This is in part due to the economic conditions of Ireland at the time, as well as the way in which our current political leadership operates.
In addition, the situation in other European countries, including the UK and the Netherlands, are much more challenging.
It is also possible that a new government could be more open to a “hard Brexit”, a process which would see the UK exit the European Union and join the European Economic Area (EEA), while Ireland continues to seek a path out of the EU.
A hard Brexit would mean that Ireland would be free to make the same choices that the UK has, with the same protections and incentives.
The possibility of such a “soft Brexit” could make it much easier for Ireland to achieve the kind of regulatory reforms needed to secure a stable, prosperous, and sustainable banking sector.
Another factor is that the EU is very much a European Union that is not the United Kingdom.
It has its own laws and regulations, and its own governance.
Ireland would also have its own political institutions, and they would have to be adaptable and flexible to respond to the needs of the banking industry, particularly in times of financial and economic uncertainty.
The final factor is political.
The current Irish political leadership has been very cautious in pursuing the kind “hard” Brexit that is being proposed by the UK, as it seeks to maintain a “bespoke relationship” with the EU, which will be much more difficult to maintain than a soft Brexit.
However, the political situation is changing.
The Irish people have a right to know what is in the best interest of their economy, and the banking services sector has a right not to be subject to the whims of politicians who are not in their interests.
In the UK however, the banking and financial services sector is largely in the hands of the financial sector itself, and that will not change with the departure of the United States from the EU in March 2019.
How is a new Irish banking regime different from a UK one?
A new Irish financial sector will have the same rules as the UK one, but the rules will be different.
As a result, the UK system is already facing some challenges.
For example, unlike the UK in the 19th century, Ireland is a member of the European Monetary Union (EMU), a single currency area of economic and financial union.
The EMU is governed by the European Central Bank (ECB), a central bank of the eurozone.
Its primary purpose is to maintain the monetary union, but its ability to do this depends on a number other policies such as fiscal discipline, fiscal transparency, and a stable banking sector, among others.
The ECB has to meet the objectives of the Bank of England (BoE) and the European Stability Mechanism (ESM), which have different objectives.
There are also other regulatory and financial requirements that have to take account of the fact that the EMU does not have the full political control of the UK government, as does the Bank.
An alternative is to be a member state of the ESM.
This means that the Bank has to comply with a set of rules that have been agreed by all the participating countries, such as financial stability, taxation, and foreign exchange controls.
This has been a major challenge for Ireland, as we are not a member country.
But a similar challenge was faced by the British banking sector when the UK joined the