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Banking System Functions
In March 2010 the Government delegated to the NTMA certain banking system functions of the Minister for Finance, related to the oversight and management of the State’s interest and holdings in those financial institutions covered by the 2008 Government guarantee.
The main functions delegated to the NTMA and the parameters set out in the directions issued by the Minister can be summarised as follows:
- to lead discussions with the covered credit institutions to determine their likely capital requirements;
- to negotiate the terms and conditions on which any capital support provided by the State will be invested;
- to manage any Ministerial shareholdings in these institutions.
Following the change of Government, in April 2011 the Minister for Finance announced that a stand-alone unit accountable to him through the Department of Finance would be created to provide State oversight of the banking system and that this Unit would be strengthened as necessary and draw on the resources of the NTMA to carry out its work. The NTMA has worked closely with the Department of Finance on the implementation of the new structure which involved the secondment of the NTMA Banking Unit to the Department and the ending of the delegation of banking system functions to the NTMA in August 2011.
