benefit of those affected. while this has meant that the examination has taken longer than expected, the results are now becoming evident in terms of the numbers of people identified as affected and the scale of redress and compensation being paid. in tandem with our supervisory work, enforcement work is ongoing. enforcement four enforcement investigations are currently under way, and we expect that all of the main lenders will face enforcement investigations. enforcement investigations are detailed and forensic, and routinely involve the scrutiny of thousands of documents and the conduct of interviews as part of the investigative process, to establish the exact circumstances of matters under investigation. in our enforcement investigations, the central bank will consider all possible angles, including potential individual culpability. while we are investigating, it is also important to remember that the board members and senior personnel of lenders have significant legal obligations to report potential regulatory breaches to the central bank and to report certain potential criminal offences to an garda siochana under the criminal justice act 2011. in that context, we are writing to the board members and senior personnel requiring signed confirmation from them that they are aware of their legal obligations. culture within lenders the central bank ’ s consumer protection code requires that lenders act in the best interests of their customers. while many lenders publicly state that they put customers first, evidence from the examination firmly suggests otherwise. the examination has exposed the manner in which certain lenders have treated their customers and the degree of regulatory force required to make them rectify such behaviour. it is clear that significant behavioural and cultural issues and challenges in some of the lenders still exist and that customer interests have not been sufficiently protected or prioritised. the minister for finance has mandated the central bank to report on the issue of behaviour and culture within lenders later this year. we are currently completing our scoping work and the next step is to commence on - site assessments, which will include engagement within each of the lenders at senior management, middle management and staff levels to probe behaviour and cultural issues within lenders. it is important to note that culture is about more than behaviour. a partial list includes prioritising 3 / 5 bis central bankers'speeches the best interests of customers, offering responsible products, reviewing board effectiveness, committing to diversity and inclusion and having robust internal audit and risk management procedures. a defining cultural test is how a firm deals with adverse situations : does it make sure that the best interests of customers are protected, even if this damages short - term profitability?

sectors, including nancial and business services, and was supported by a strong rise in female participation in the labour force. our analysis shows that, as yet, pandemic - related changes to the way we work, so more remote and exible arrangements for example, are not a dominant factor in explaining female participation growth. rather, the evidence points to the strength of the economic recovery itself and underlying trend improvements in participation – which pre - dated the pandemic – being the predominant drivers. we expect this positive trend to continue in coming years, and there may well be some positive impact also from more flexible working arrangements that will show up for future years. inward migration is also at its highest level since 2008, driven by an increase in non - eu immigration, a return to prepandemic travel patterns and the recent inflow of ukrainian migrants beginning in q1 2022. [ 3 ] collectively, these trends suggest a positive outlook for the labour market, providing a boost to overall labour supply and supporting potential economic growth in the coming years. however, the russian war in ukraine has exacerbated global inflationary pressures and prolonged some of the supply - side constraints that were present before the invasion, notably disruptions to global supply chains. estimates released by the cso last week point to inflation in ireland, as measured by the harmonised index of consumer prices, running at 8. 6 per cent in september. inflation rates here and in many countries around the world are now running at their highest levels in 40 years. energy inflation has been particularly high ; with prices for consumer electricity, gas, home heating and fuels up by 40 per cent on average over the past year. these rising energy prices and the uncertainty about supplies going forward, are already weighing on consumption and investment. uncertainty about costs, resource availability and tightening financial conditions make it more difficult for businesses to plan for the future. as a result, despite a surprising uplift last quarter in modified investment growth ( relating to specific imports of industry - specific machinery ), we expect growth in business investment to slow in the coming quarters. with headline inflation expected to average 8 per cent this year and 6. 3 per cent next year before moderating to 2. 8 per cent in 2024, businesses are facing the dual pressures of rising wage and non - labour costs. understanding how businesses are responding to this situation is important for the outlook for consumer price inflation, employment and economic growth. in some sectors, savings buffers, profit margins and