In summary, this new regulatory system will result in more focussed oversight of the financial sector and will enhance Ireland’s reputation as an international financial services centre. 4  BIS Review 88/2009  Conclusion The crisis that we have experienced since last autumn is the most serious to have hit the global financial sector since the Great Depression.
It has combined with a number of domestic vulnerabilities to create a particularly difficult situation for this country. In the course of this statement, I have dealt with the various actions that have been taken to restore the health of the banking system, to put the public finances on a sound footing, to restore competitiveness and to reform our regulatory system.