8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  Although Ireland could expect to import medium term inflation rates in line with the rest of the euro area, the external weakness of the euro in its early years, combined with the booming national economy meant that inflation in Ireland soared to an annual rate as high as 7 per cent briefly.
The committee in 2002 submitted a report making specific suggestions. Basis these suggestions, the Reserve Bank issued detailed guidelines on responsibilities of directors, including independent and non-executive directors, committees of the board, composition of the board and fit and proper criteria for directors in private sector banks.