as many in this room will know, by the end of 2021, there were nearly 10, 000 such entities, up from about 6, 000 in 2016. in the same period, asset values of these entities increased from approximately €3 trillion to €5. 6 trillion. given the size of the non - bank sector in ireland and the particular linkages of certain sub - sectors with the domestic economy, macroprudential policy for non - banks is a 3 / 8 bis - central bankers'speeches priority for the central bank. for open ended funds, the financial stability board recently published proposals to revise some of its 2017 recommendations on potential structural vulnerabilities in the asset management sector as they relate to liquidity management tools. the central bank of ireland co - chaired the group that produced those proposals and we look forward to continuing to engage with our international counterparts to implement them. as the financial system and our economies adjust to higher interest rates and the end of a prolonged period of quantitative easing, it is imperative that we re - double our efforts globally to develop and operationalise the macroprudential framework for non - banks, especially investment funds. property fund measures : the necessity to take action applies domestically, as well as internationally. today, the central bank of ireland is announcing its first macroprudential policy measures for non - banks - targeting irish property funds. we are activating a macroprudential leverage limit and introducing guidance for enhanced liquidity management at irish - domiciled funds investing in irish property. we are using european regulations for the leverage limit and we are the first national competent authority to take this approach for macroprudential purposes. the commercial real estate ( cre ) sector is systemically important for ireland. irish authorised funds investing in irish property have become a key participant in that market, holding approximately 35 % of investable cre. this growing form of financial intermediation entails benefits for irish macroeconomic and financial stability. often established and funded by overseas investors, property funds provide an alternative channel of financing for investment in the cre market, reducing reliance on domestic sources of capital. however, the changing nature of financial intermediation also raises the potential that new vulnerabilities could emerge, so it is important that we adapt the macroprudential framework accordingly – and in line our aforementioned regulatory principles of being forward - looking, connected, proportionate, predictable, transparent and agile. these measure we are announcing today are designed to build

of issues whether it is around financial resilience, better management of conflicts of interest, or greater transparency and security for customers. conclusion to finish where i started, smil posits that a realistic grasp of our past, present and uncertain future is the " best foundation " for approaching the unknowable expanse of time ahead of us. we cannot be specific but know it will include both progress and setbacks. " the future, as ever, is not predetermined, " he writes. " its outcome depends on our actions. " 7 / 8 bis - central bankers'speeches as a regulator, when thinking about the complexity of new terrain and its many challenges, that call to action chimes greatly with me. in concluding, let me emphasise that, in the central bank of ireland, as we cover new ground, we do not move in isolation or with our peer regulators only. we are an open and engaged regulator, knowing the importance of listening to our stakeholders, building dialogue and being open to feedback. we don't just welcome your continued engagement – we see it as essential to our mission of serving the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers, investors and the wider economy. thank you for your attention and i wish you an enjoyable and productive conference. 1 with thanks to jonathan dent, caroline mehigan, kevin mullen, cian murphy, james o'sullivan and darragh rossi for their support in preparing this speech. 2 smil, " how the world really works " ( 2022 ) penguin. 3 makhlouf, " the central bank's regulatory philosophy : regulating for stability and positive outcomes " ( 2022 ). 8 / 8 bis - central bankers'speeches