I recently heard a keen observer predict that the next big banking disaster would come from a (hypothetical) major international bank losing track of its derivatives positions for 24 hours. To protect against such events, banks invest heavily in the integrity of their computer systems, as well as in back-up and disaster recovery facilities.
In this context, financial regulation to protect consumers can play a critical role and I would now like to talk to you about the institutional arrangements for the protection of consumers across the globe, and the vision for consumer protection at the Central Bank of Ireland.