Moreover, in relation to non-performing 3/7  BIS central bankers' speeches  loans, our long-standing policy approach to mortgage arrears fully incorporates our dual responsibility to both protect vulnerable home owners and maintain financial stability. More generally, consumers are not protected by tolerating a fragile financial system that amplifies the adverse impact of tail risk events.
Although I have mainly focused on the banking system in this speech, we also pay increasing attention to the financial stability risks associated with non-bank financial intermediaries (Lane 2018a). At one level, the large externally-focused non-bank sector in Ireland could be affected by global shocks, even if there might only be a limited domestic impact of disruptions in this sector (Lane and Moloney 2017).