This serves two purposes. It reinforces the responsibilities of the local board and management, since they have a balance sheet for which they are clearly responsible. And it provides a financial buffer should the bank incur losses in New Zealand, or should the parent bank fail and its New Zealand subsidiary have to be “cut loose”.
I thank Bernie Mooney, James Carroll, Fergal McCann and Conor O’Toole for their inputs into this speech. Introduction Good afternoon. I would like to thank ISME for inviting me to address your annual conference. The theme “Challenging Times – New Opportunities” is certainly timely, especially as Ireland adapts to the implications of Brexit in the coming months and years.