This autumn, the political process has one further chance to put this right. When it became clear that the Solvency II process had become temporarily stuck towards the end of last year, the Central Bank engaged in a process of consultation with the principal insurance trade bodies in Ireland, including DIMA, the Irish Insurance Federation and Financial Services Ireland.
We had a very frank and open discussion around the practical challenges caused by the delay in the directive and sought input from industry as to how to  2  BIS central bankers’ speeches  navigate through these issues. I was very pleased by the constructive engagement we had from industry at the time.