At the same time, the likelihood of overshooting the inflation target was judged to have declined. Hence, we viewed a small further easing of policy as a prudent measure. The good economic outcomes over the past year will, I suspect, be a recurring feature of our discussion today.
But the Central Bank is not the only Irish institution addressing the challenge of drawing up effective banking and securities regulation. The Irish public authorities have enacted a suite of new legislative Acts on the matter.