In other areas there still is a need to define best practices and develop standards. The lack of international consensus on sound practices for loan valuation, loan-loss provisioning and credit risk disclosure seriously impairs the ability of market analysts as well as regulators to understand and assess the risk inherent in a financial institution’s activities.
A stable and resilient financial system is one that absorbs shocks, rather than amplifies them. And our job is to ensure that the system serves the people, the families and the firms that make up the Irish economy.