Dr. Peter Nyberg speaking in the Department of Finance today on his report on the Irish banking crash.

Banking Crash Report: Following the publication of the report by Dr. Peter Nyberg into the causes of the banking crash, the Minister for Finance today announced that the Government is to hold a referendum to enable Oireachtas committees to compel witnesses to attend hearings.

At a press conference today  Minister Michael Noonan said the previous Government had failed to deal with the Abbeylara court decision which had limited the powers of investigation of committees. He said the Government would ensure that the report would be referred to the Oireachtas so that it could make recommendations for the future of the banking sector. He also said the Government would be taking action to strengthen its oversight of the banking sector.

Financial institutions will be required to provide board renewal plans to ensure that members have the appropriate skills and competencies. Board members appointed before the 2008 guarantee would step down first as part of a planned rotation.

In addition, the Minister announced the setting up of a separate body to manage the Government's holdings in the financial sector and to oversee the restructuring of banks. Initially this unit will work within the Department of Finance, but it will eventually become more independent while still reporting to the minister.

In a reaction to the Nyberg report, AIB said it had decided that more changes were needed among its top management, and it expected to announce the names of some new managers shortly. It also said three board members who were appointed in 2007 had decided not to stand for re-election at the bank's next shareholder meeting. It said all other remaining board members had been appointed over the last two years.

The bank said that it is undergoing a fundamental restructuring, including the establishment of a core and non-core bank.

Financial Mania: Nyberg report says large parts of Irish society let good times roll until last minute

Gilt Groupe: Minister for Finance Michael Noonan TD announced today that Gilt Groupe, an innovative online shopping destination, has established its International Headquarters and Software Development Centre in Dublin and will also open a Customer Support Centre in Limerick. The company anticipates it will create between 100 and 200 jobs in the next couple of years with the support of IDA Ireland. This marks the first European operation for the company, and the company hopes to see strong growth in the region over the coming years.

Gilt Groupe is establishing a Customer Support Centre in Limerick and will locate its International HQ and Software Development Centre in Dublin. Recruitment will commence for senior software engineering and technology roles in Dublin immediately to own and accelerate some of the Company’s most critical product development projects. It is anticipated that Gilt Groupe’s Customer Support Centre will be operational in Limerick by September. It is envisaged that employment will be split equally between the two sites.

Geithner Responds to S&P Cut: Treasury Secretary Timothy Geithner tells CNBC's Steve Liesman he disagrees with S&P's negative US outlook. He also discusses locking in targets for deficit reduction and reaching compromise with the GOP:

US Markets

Spain to Stabilize, not Collapse: Economist: “I think Spain is critical, because if you look at Greece, Portugal or Ireland, it’s about 2% of the euro zone GDP. Spain is five times bigger. So that’s the key question,” Stephane Deo, head of European economists at UBS, told CNBC, “if you look at the Spanish GDP last year, it was up in Q1, in Q2, in Q3 and in Q4 – by a very small margin… I think it is not an economy collapsing. It is an economy which is stabilizing”: