The level, type and quality of regulatory capital has increased and the loss-absorbing capacity of banks has improved. We now actively intervene to address systemic risk and pro-cyclicality in the system. Also, there is a cognisance to Ireland’s vulnerability as a small open economy and the need for all sectors to build resilience.
We should keep the lessons from the crisis to the forefront of our mind, in our work, in our thinking, and in our communications. Then, our combined efforts to highlight and address risks and build resilience will make the financial system stronger and safer, thereby safeguarding stability and protecting consumers.