technology, but we cannot afford to be complacent in assessing the risks posed by these technologies and taking action to mitigate them. we have to ask the common sense questions : - what is fundamentally new in this offering? - what is the cost, benefit equation for the customer? - what new risks it poses to the financial system? - how can we mitigate these risks? and - on balance, is it beneficial to allow this offering? 1 / 2 bis central bankers'speeches we believe that a nuanced and sensible approach rather than blind following of every trending technology is the ideal way to regulating in these uncertain times. we have always been accessible to the industry and given the nature of fintech it becomes even more critical to consult the market participants before introducing new rules. i encourage market players to take the initiative and enlighten us if they have strong views on any fintech related area. ladies and gentlemen, i once again would like to thank afs for arranging the conference and wish you all a productive conference today and tomorrow. thank you. 2 / 2 bis central bankers'speeches

patrick honohan : the importance of sound information in assessing the health of the irish banking sector address by mr patrick honohan, governor of the central bank of ireland, to the chartered accountants ireland, dublin, 23 november 2010. * * * there is a letter in the archives of the world bank in washington dc on the letterhead of the shelbourne hotel, dublin, dated saturday, june 7, 1958. benjamin king writes back to headquarters on his mission to ireland. this was the first ever such mission sent by either of the bretton woods institutions ( the world bank and the international monetary fund ) since ireland had joined both of them in the previous year. king was in dublin at the invitation of the secretary of the department of finance, t. k. whitaker, who had asked the world bank to help by carrying out a review of the irish economy with a view to a possible borrowing programme for ireland from the bank. but king found that much analysis had already been carried out by the irish administration. indeed, he had been perusing a draft of the document that would change the course of irish policy towards its economic engagement with the rest of the world. “ i have asked whitaker ”, he writes, “ to send you by airmail his report “ economic development ”. it is over 200 pages and seems pretty good to me. ” and it ’ s not just a document of factual analysis, but addresses challenging policy issues. he notes that “ it is also quite tough ( in a velvet - glove sort of way ) with some old - established practices ”. with this document, king believes that ireland would be already “ halfway toward [ having ] a sensible program ”. ireland did not in fact borrow immediately from the world bank but eventually it borrowed a total of us $ 150 million between 1969 and 1975 for a variety of projects, ranging from power generation, to agriculture, to education. the last world bank loan to ireland, to support the then icc ( now bosi – alas closing at the end of this year ) in promoting regional development and employment, was approved in august 1975. the resonances from this 52 - year old letter are particularly sonorous this week, as an imf team scrutinizes another irish plan and maps out another international programme of borrowing by ireland ( with the additional support on this occasion of european institutions ). the 1958 economic policy shift launched a move towards increasing internationalization and – to use a word not yet in use back then