philip r lane : inauguration of ireland's central bank dockland campus speech by mr philip r lane, governor of the central bank of ireland, at the inauguration of the dockland campus, dublin, 24 april 2017. * * * minister, former governor honohan, distinguished guests, i am delighted to welcome you to the inauguration of the central bank of ireland ’ s dockland campus. today marks an important step for the future of the central bank, as we adapt to fulfil our increasingly complex mandate in a more interconnected and challenging global environment. there is also a nice parallel with the past. in 1927, when deciding on the first permanent premises of the currency commission – the precursor to the central bank – members of the commission emphasised the importance of placing it in close proximity to the shareholding banks, and foster place was chosen. 1 in the same vein, our dockland campus, incorporating north wall quay and spencer dock, again places us firmly at the centre of ireland ’ s international financial district. 2 * * * the central bank is a vital institution of the state. when the currency commission was dissolved in 1943, the central bank was established with an enhanced role, the most important of which was “ safeguarding the integrity of the currency ” and, echoing a phrase from article 45 of the constitution, ensuring that “ in what pertains to the control of credit, the constant and predominant aim shall be the welfare of the people as a whole ”. 3 in the years since its establishment, both the domestic mandate of the central bank and our european roles have expanded. our european role is critically important and the bank is recognised as a strong contributor to the work of the european system of central banks and european system of financial supervision. but while our mandate has expanded and our staff has doubled in recent years, what has not changed is our core mission of protecting the public interest, and public service is central to the ethos and culture of the bank. the fact that this site was originally intended to host the new headquarters for anglo - irish bank has invited much commentary. in one sense, history is again repeating itself. foster place was leased in perpetuity from bank of ireland. commercial buildings on dame street – as the name suggests – was formerly occupied by members of the chamber of commerce, the stock exchange, merchants ’ offices and brokers. my own view is that this juxtaposition is quite fitting in serving as an ongoing reminder of the severe economic and social

denny h kalyalya : effective banking supervision – a risk based approach opening remarks by dr denny h kalyalya, deputy governor - operations of the bank of zambia ; at the workshop on “ effective banking supervision : a risk based approach ”, livingstone, 1 december 2008. * * * • the chairperson • resource persons • distinguished workshop participants • ladies and gentlemen on behalf of crown agents and the bank of zambia, i wish to welcome you all to this important workshop on effective banking supervision : a risk based approach and to zambia ’ s tourist capital, livingstone. in particular, i welcome our resource persons from crown agents and participants from the region. looking at the programme, it is obvious that you will have a tight schedule. however, i urge all of you to find time in your busy schedule to visit some interesting places that our tourist city of livingstone has to offer, especially the mighty victoria falls, which although not at its best at this time of the year, still presents a spectacle to behold. the ongoing global financial crisis has brought tremendous and unexpected challenges to regulatory and supervisory authorities. as you are all well aware, in any economy, more so in market - driven economy, financial institutions play a critical role in the allocation of resources through intermediating between those with surplus resources ( depositors ) and those in need of resources ( investors ). effective and efficient supervision is therefore, crucial to manage risk and avert possible loss to depositors / investors and hence maintain public confidence in the financial system. ladies and gentlemen this workshop is being held at a time when the global economy has come under serious strain caused by the sub - prime mortgage crisis in the us. appetite for profit and poor credit risk underwriting standards led to a surge in sub - prime mortgages. this brought about a real estate price bubble as demand for residential properties grew. the situation culminated into a liquidity and credit crunch in financial markets. the financial crisis has spread to other countries directly through financial market linkages and indirectly through trade. recent projections indicate that the global financial crisis will lead to global contraction in economic output with a corresponding reduction in incomes, a rise in unemployment and decline in volumes of trade. ladies and gentlemen the current state our financial sector calls for a new approach to the supervision of banks and other financial institutions. risk based supervision ( rbs ) represents a paradigm shift from the traditional rules based, historical, standardised and point - in - time assessments to a process - oriented, forward looking, continuous