The plan for this speech is as follows: first, I will provide a brief overview of the European and Irish macroeconomic environment; second, I will outline the lessons from the IMF's Article IV and Financial Sector Stability Assessment (FSSA) reports for Ireland; third, I will discuss the recent banking stress test exercises; fourth, I will examine the implications of Brexit both from a macroeconomic perspective and in relation to Ireland’s role as an international financial centre; finally, I will conclude by discussing the measurement challenges in assessing the Irish macro-financial environment.
Hence, it is imperative that all the three while being cognizant of their strengths, do not lose sight of their weakness and find ways to integrate their offerings without losing their individuality. The broad regulatory approach of RBI has been to permit such entities to provide payment services that are fee based without access to funds of the customers.