Ireland has signed up to the World Bank’s global lending guidelines for the first time.
The Irish Government said it was the first country in Europe to sign up to a similar loan guarantee program.
The move is an indication that Ireland is taking the issue of the crisis of banks lending seriously and will be a strong partner in the global banking community, Foreign Affairs Minister Charlie Flanagan said.
It comes amid calls by European countries for more transparency and greater regulation in the financial sector.
“We are not a country of complacency.
We are going to continue to stand with Ireland, and we are going see where the situation leads us,” Flanagan told RTÉ’s Morning Ireland.”
The global financial system is a very fragile one and the fact is that a lot of these countries have been caught up in this crisis and I am very concerned about that.”
He said he believed the UK and other European countries were taking on a bigger role in financial regulation.
“I believe the UK is one of the best countries in Europe in terms of their contribution to this issue, and I think they are really starting to take a very strong role,” he said.
Mr Flanagan also said that the Government was committed to the establishment of a global fund to fight financial crises and other crises.
The fund will be chaired by former European Commission President Jose Manuel Barroso.
It will be set up as a “shared fund” for the whole European Union.
“This fund will provide support for governments to fight the banking crisis.
It will be financed by the EU budget,” Mr Flanagan added.”
It is a long-term solution and we believe it will be successful.”