3/5  BIS central bankers' speeches  Third, important lessons from the crisis are that limiting credit growth, improving the capacity of banks to absorb losses and ensuring that banks can be safely restructured or resolved in the event of failure are important elements in maintaining financial stability.
This has resulted in a significant expansion in the mandates of central banks and financial regulators, with the Central Bank of Ireland receiving new mandates to act as the macroprudential authority and the resolution authority.