These macro risks are significant for Ireland, given the openness of the economy. These could obviously affect the domestic retail banking system, notwithstanding its increased resilience. Risks also arise at a micro level. One such risk arises from the increasing dependency on and interconnectedness of information technology, and the need to enhance resilience and mitigate cyber security risks in this area.
I have not discussed in detail today, but it is an area of concern that I will cover in more detail in a speech next month. Conclusion Building resilience now, for individuals, governments and banks will serve us well for future downturns, whatever the cause may be.