I would like to start by thanking the Banking & Payments Federation Ireland (BPFI) for organising this webinar. I am grateful for the opportunity to talk to so many of you who are directly involved in working with borrowers in distress. The provision of credit is one of the most important tasks of the financial services system.
It stimulates and lubricates economic activity, supports wealth creation for the whole of society, and allows households and individuals to bring forward consumption and purchases that would be impossible without it – including, critically, the purchase of housing. However, it does obviously have its risks, both to lenders and borrowers and the wider economy and financial stability of the country.