godfrey et al 2015 ). this serves to inform international policy discussions and, more importantly, to support various central bank teams for risk analysis and supervisory purposes ( moloney and murphy 2016 ). recent work includes extending the reporting requirements for financial vehicle corporates to all irish special purpose vehicles, providing a more detailed picture of the international links based on the domicile of the consolidating entity ( if any ) and the country of the sponsoring entity. figures 5 and 6 show the geographical composition. i should also mention the central bank of ireland ’ s work programme to develop methods to analyse the risks of investment funds under stressed scenarios. the aim of this work is to empirically inform supervisory and policy priorities by providing various measures of the leverage, liquidity and interconnectedness risk factors discussed earlier. it will also set a standard for some of the risk analyses that we expect from asset managers. conclusions vibrant capital markets are essential for a well - developed and stable financial system, offering important benefits for both savers and firms and governments that seek marketbased funding. at the same time, risks to financial stability require appropriate management, including by central banks. to this end, there needs to be a better understanding of the cross - border bis central bankers ’ speeches nature of the assets and liabilities of non - banks to give us a better indication about how and where shocks might be transmitted the system. in this regard, understanding the financial network requires effective engagement of regulatory authorities and this starts with good data collection. it is also the basis for better policy discussion and supervisory co - ordination. it is why exercises such as the annual fsb shadow banking monitoring exercises are important. and why i support the further expansion by the fsb of the scope of coverage of this exercise to include all notable centres of market and non - bank financial activity. ultimately, a better understanding of the geography of risk will help us to assess properly the nature of the risks posed by market - based financing. continued progress needs to be made to forge closer cooperation among central banks and financial regulators. such enhanced cooperation needs to be underpinned by an improved framework for collecting, managing and sharing data ( lane 2014 ). ultimately, better data and closer cooperation will support more coordinated and decisive supervisory action, especially in times of market stress. references caruana, jaime ( 2010 ), systemic risk : how to deal with it. bank for international settlements. central bank of ireland ( 2015 ) response to european commission consultation on the

continue its moderate recovery trend and the effects of the decline in demand following the consumption tax hike are expected to wane gradually. the year - on - year rate of change in the consumer price index, excluding volatile food and the direct effects of the consumption tax hike, is expected to be around 1¼ percent for some time. it is expected to subsequently follow an uptrend again from the second half of this fiscal year and reach about 2 percent around the middle of the current projection period from fiscal 2014 to 2016. quantitative and qualitative monetary easing, dubbed qqe, has so far been producing its intended effects. the bank will continue with qqe, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. if the outlook changes due to the manifestation of risk factors and it is judged necessary for achieving the price stability target, the bank will make adjustments without hesitation. i have high hopes that foreign financial institutions will continue to play the significant role they have played in japan ’ s economy in the past 30 years and will contribute to the robust growth of japan ’ s economy in the future. with such hopes, let me conclude my speech today. thank you. bis central bankers ’ speeches