Here too the heavy lifting will have to be done largely at home, but optimal engagement of partners remains a crucial element. ***  BIS central bankers’ speeches  1  In this context, it is worth looking back a little at Ireland’s experience with globalisation. Until quite recently, most observers would have seen this experience as significantly positive; how is it today?
A combination of interest-rate risk transfer mechanisms through market products such as interest-rate derivatives (swaps, in particular) and securitized products such as collateralized loan obligations (CLOs) will spring about, provided banks indeed have to manage the interest rate risk rather than have it as a matter of convenience to pass it onto borrowers.