Of course, the Irish financial system serves not only the Irish but also the European and global economies. The IAF, implemented in a high quality manner, should support the Irish financial system in further fulfilling this role while ensuring further protection for consumers and investors. Context In developing our proposals, we have considered the legislative, regulatory and policy framework in which they will operate.
The IAF is, as mentioned, aligned to our strategy and rooted in our regulatory philosophy whereby regulation should be forward-looking, connected, proportionate, predictable, transparent and agile. We have considered the changing financial services landscape and international developments in the area of individual accountability.