##ntial authority. as with any of our policy instruments, the calibration and timing of the syrb will be based on a thorough evidence - based assessment of its benefits and costs. furthermore, we adopt a holistic approach to policymaking, taking an integrated view of the interactions across the full set of macroprudential instruments ( the range of capital buffers ; the mortgage rules ) and the overall capital position of the banking system. finally, a systemic shock may also trigger liquidity pressures. it follows that a resilient financial system is also characterised by a trustworthy deposit guarantee system and access ( especially under crisis conditions ) to effective central bank liquidity programmes. ( in turn, the availability of central bank liquidity is only helpful if firms have available assets that can be offered as collateral, which is an additional element requiring monitoring by the prudential regulator. ) given the multi - dimensional properties of a resilient financial system, our wide mandate enables the central bank of ireland to follow a holistic “ one bank ” approach. in particular, we are : the national central bank ; the national competent authority for prudential regulation ; the national resolution authority ; the national macroprudential authority ; and the operator of the national deposit guarantee system. furthermore, since we are also the national financial conduct regulator, we are able to recognise and integrate our work on building resilience with our conduct mandate. for instance, our mortgage rules serve both as a financial stability measure and as a mechanism to protect individual consumers from the risk of over - borrowing. moreover, in relation to non - performing 3 / 7 bis central bankers'speeches loans, our long - standing policy approach to mortgage arrears fully incorporates our dual responsibility to both protect vulnerable home owners and maintain financial stability. more generally, consumers are not protected by tolerating a fragile financial system that amplifies the adverse impact of tail risk events. although i have mainly focused on the banking system in this speech, we also pay increasing attention to the financial stability risks associated with non - bank financial intermediaries ( lane 2018a ). at one level, the large externally - focused non - bank sector in ireland could be affected by global shocks, even if there might only be a limited domestic impact of disruptions in this sector ( lane and moloney 2017 ). however, investment funds and other non - bank intermediaries also play an increasing role in the financing of the domestic economy and, accordingly, we

managers directive ( aifmd ) are relevant here. the eltif regime has not, to date, proved a success and has lagged far behind the aim of contributing effectively to the real economy by facilitating retail investment in long - term investment. proposed reforms seek to encourage such retail participation while also maintaining a framework of strong investor protection. the aifmd review also represents a targeted approach to reform. the new loan origination framework will create a common framework throughout europe for lending activities by investment funds. in an area which has not so far been subject to regulation ( except on a limited national basis ), this is welcome. this has been an area of focus for the central bank since we consulted on our own loan origination framework. we welcome the fact that a european framework is being introduced with many similarities to the irish framework. other areas which support the cmu agenda include the introduction of harmonised reporting for both ucits and aifms, the need to ensure real substance in management companies through requirements for appropriate resourcing and ensuring a consistent approach to delegation standards in the eu. overall, we believe the proposals strike the right balance between making worthwhile changes without re - writing the whole framework. i would like to say one word on crypto before moving off regulation. leaving aside what i describe as the tulips – or even the south sea bubble – phenomenon, the challenge for us as regulators is to keep pace with the use of the underlying technology while being mindful of the risks that arise when funds have crypto exposures. there are undoubtedly benefits to innovation, but it is important that fund managers understand the risks they and their customers are exposed to. effective supervision an effective single capital market relies on services being provided across borders, as this allows for more efficient allocation of resources across the union as a whole. this is not without risks, and there is a challenge for national authorities to protect and support investors in their jurisdictions when the services are provided from other members states. trust and cooperation between national regulators and eu authorities is the key to achieving effective supervision, and i believe we see that in action through the work of the european supervisory authorities ( esas ). we need to see greater levels of consistency and convergence between supervisors, as well as further strengthened cooperation between national authorities. that is why the central bank is supportive of deeper and more comprehensive supervisory convergence in priority areas. it will continue to be a key focus for us in our discussions with the esas and our national competent