The Irish Independent has today reported that the Central Bank did not want Department of Finance officials attending meetings on financial supervision during an International Monetary Fund (IMF) visit earlier this year.

According to the report, the Central Bank Governor Philip cited legal "confidentiality obligations" and argued against the attendance by Departmental officials at as many as 17 meetings related largely to banking and insurance supervision.

One of the most senior officials in Michael Noonan's department sought to persuade Professor Lane to allow the Department of Finance staff access, stating the exclusion should be "clearly attributable to specific legal requirements".

The FSAP assessment was the first to take place since the onset of the crisis, and focused on the conditions of, and prospects for, Ireland's financial system.

There were a number of visits between September last year and March, and the findings informed the IMF's Financial Assessment Stability Report on Ireland, which was published last week.

A spokesman for the Department of Finance confirmed that its officials did not attend the 17 meetings. However, he said the Central Bank provided "a full and comprehensive brief" before and after each meeting.

"In relation to the meetings were the Department of Finance wasn't involved, and even if the issues didn't even impact on the Department of Finance, a full briefing was given before and afterwards," the spokesman said. "They [DOF officials] were happy with that and the outcomes."

Source: www.businessworld.ie