A clear and consistent framework for bank recovery and resolution, including “bail-in” rules with a clear pecking order and limited exemptions, will be conducive to a stricter monitoring of risks by bank creditors. In fact, as I mentioned before, many of the most severe financial crisis since the Great Depression broke out after prolonged periods of exceptionally easy monetary conditions.
Within the general European-level regulatory policy framework, conduct regulation is primarily carried out at the national level and our mission statement of “maintaining stability, protecting consumers” conveys the priority attached to consumer protection in the regulatory work of the Central Bank of Ireland.