Draft Irish law could compromise central bank independence, ECB says

The Central Bank of Ireland

The European Central Bank (ECB) has strongly criticised a draft Irish law regulating the country's housing loan market, saying it could compromise the independence of Ireland's central bank.

The law has been proposed by Michael McGrath, the chief financial spokesman of Ireland's largest opposition party, Fianna Fáil. Ireland is governed by a coalition government without a parliamentary majority. The draft law has passed its first stage of pre-legislative scrutiny in Ireland's parliament, but

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