Speech by Mr Ed Sibley, Deputy Governor (Prudential Regulation) of the Central Bank of Ireland, in which he speaks about the causes of the crisis, the crisis itself, what has changed as a result and concludes by looking to the future.
Building resilience now, for individuals, governments and banks will serve well for future downturns, whatever the cause may be. It will also help with the pressing need to restore trust in the system, a foundation of which is that financial institutions are trustworthy.
All of the actions taken during the crisis, and the changes made in its aftermath are to support the vital, public interest mission of the Central Bank. That is to safeguard the stability of the financial services system and protect consumers.
Mr Sibley‘s energies are focused on ensuring that the Central Bank has a robust, fit for purpose regulatory framework, and is delivering an effective, intrusive, analytical and outcomes focused approach to supervision, which remembers the lessons of the past, anticipates future risks, and continuously improves.
He concludes: „My hope is that in 10 years’ time, we will still remember the banking crisis and the lessons from it. But that between now and then we will have navigated the many challenges ahead and more successfully weathered the inevitable shocks that will occur, than we did 10 years ago. This will require continued diligence, building resilience, a willingness to listen to different voices and challenge the assumptions we are relying on – it is inevitable that not all of them will hold.”
Full speech
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