Major hat-tip to CL&G, though we knew it was coming this is a significant development. Effectively Ireland's version of a Walker Review type process has resulted in a regulated approach to the governance of banks and other financial institutions. BOFIs are told what structures they have to have in place and face sanctions if they don't comply.
Obviously Ireland's approach isn't simply going to be copied by other markets, some of which will feel that a 'comply or explain' approach has much more flexibility that both financial institutions and their owners value. But let's be clear this further undermines the idea that a market-driven approach is the best way to go.