Regulatory and supervisory approach The core work of the Central Bank is focussed on delivering a financial system that is wellmanaged, well-regulated, and sustainably serves the needs of the economy and consumers over the long term. Given the international nature of much of the Irish financial services system, this objective includes consideration of our responsibilities regarding European financial stability.
There were widespread runs in these markets, and it took a U.S. Treasury guarantee, augmented by a number of unprecedented liquidity facilities established by the Federal Reserve, to stabilize the money market fund industry and, more importantly, stave off a sudden stoppage of the flow of credit to households and businesses.