Opening Bell: Central Bank's latest fine, Draghi gives AIB approval, inheritance law changes

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Bank of Ireland has been fined over €3.15 million by the Central Bank.

The penalty's been imposed for 12 breaches of money laundering and terrorist financing legislation. The breaches occurred over the course of three years, following the commencement of the legislation in July 2010.

The Central Bank says Bank of Ireland failed to promptly report six suspicious transactions to Gardaí.

It also failed to carry out a risk assessment on ways of preventing accounts being used for money laundering.

With the Central Bank describing the failures as unacceptable, director of enforcement Derville Rowland said Bank of Ireland fell "far short of the standard expected of one of Ireland's largest retail banks".

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Changes to inheritance laws could allow parents cut children out of their will.

A report by the Law Reform Commission has suggested removing the 'moral duty' to provide for children.

The shift should ensure older people pay for their own care as they age, rather than saving for the next generation.

The commission claims the changes reflect the fact that people are living longer and having less children to look after them in later life.

The Irish Times revealed that children who are unhappy with with their parents' wills would still be able to mount a legal challenge.

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Workers in the fossil fuel industry need to be supported as we transition to a low carbon economy, according to one of the country's biggest trade unions.

IMPACT is launching a report today which will look at the way its members will be affected and provide suggestions as to how they can be assisted.

It says it recognises that climate change is the single biggest issue facing humanity and that high carbon producing industries will eventually be phased out.

The union's Joe O'Connor says they want to be proactive:

"We fully believe that this can be a win-win-win situation for the economy, for the environment and for wider society and for workers if it's approached int he right way.

"What we need to do is make sure that low-paid workers and communities do not bear the burden of this transition and that instead, through consultation and through some of the policy measures that we've proposed in our report, they can be brought along and make this a positive transition to this low carbon economy for Ireland.

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The head of the European Central Bank has given his backing to the Government's plans to sell part of its stake in AIB.

Mario Draghi has said that it is entirely a matter for the Irish government, but that he would welcome any move to lower the taxpayer's risks.

The Government intends to sell up 25% of the bank, despite the Dáil passing a motion two weeks ago which called for the plans to be deferred.

Mario Draghi told MEPs on Monday evening:

"It's quite desirable to transfer the risk of equity holdings in banks from the taxpayer to the private sector. I would like to note that the process of repairing the balance sheets of Irish banks has advanced significantly since the crisis. Certainly progress is there – great progress is there.