on the culture of firms, and the individual accountability of the 3 / 5 bis central bankers'speeches people who run them. we need a financial system that fosters trust, where consumers and investors are protected, deposits are safe and insurance reserves are adequate to meet liabilities. we work with the other parts of the state ’ s consumer protection framework – such as the financial services and pensions ombudsman and the competition and consumer protection commission – to deliver this. but we also need a strong culture of compliance. when it comes to issues like culture, the responsibility rests first and foremost on the leadership of firms. organisations make their own cultures and it is the responsibility of boards to ensure the development of consumer and compliance - focused cultures that the irish public deserves. if the sector wishes to regain trust, it must earn it by demonstrating trustworthiness. that is no easy feat and the public will rightfully be the ultimate adjudicators. i welcome the creation of the irish banking culture board as a positive sign of intent. the individual accountability framework that we have proposed should also help address some of the issues in the banking sector. mortgage arrears and market - based finance i want to turn to one ongoing challenge and one emerging risk. mortgage arrears the protection of borrowers in mortgage arrears continues to be a key priority for the central bank. the regulatory framework provides a significant number of protections for borrowers in arrears. this is important given the strain, stress, and vulnerability of people who are at risk of losing their homes. the central bank ’ s approach to resolution has focused on ensuring the fair treatment of borrowers and ensuring that lenders have appropriate arrears resolution strategies in place. significant progress has been made in terms of restructuring mortgage arrears, and critical to this has been the implementation of alternative repayment arrangements ( aras ). but it ’ s also true to say that a sizeable arrears problem persists and engagement between lenders and borrowers remains essential if this is to be addressed successfully. arrangements should be appropriate and sustainable for the borrower, regardless of whether a bank or non - bank holds the loan. it is important that any arrangement addresses the underlying problem for borrowers. as part of our supervisory work, we will continue to focus on ensuring the long term sustainability of any alternative arrangements. we will continue to press all firms to engage and work to find solutions for both firms and borrowers which address the underlying issues

to the global financial crisis and the changing world around us. our responsibilities are heavily intertwined. the breadth of our mandate gives us both strength and insight, enabling the bank to harness its collective, wide - ranging and deep policy and technical expertise to tackle complex issues. most of the areas we are responsible for – whether consumer protection ; prudential regulation ; payments, settlements and currency ; or providing economic analysis and statistics – have complex interactions with each other. i see our job, along with other members of the central bank commission, to ensure this is all brought together. i also have personal responsibility to the eurosystem in terms of our primary mandate of price 1 / 5 bis central bankers'speeches stability, which – at its heart – is essential to intergenerational wellbeing, enabling governments, business and citizens to plan, invest and make provision for the future. aligned to that is the eurosystem ’ s secondary mandate of supporting ‘ the general economic policies in the union with a view to contributing to the achievement of the objectives of the union ’. the european and euro area post - crisis institutional architecture for economic policy and financial regulation and supervision has changed and continues to change. the ongoing evolution will continue to require us to be closely engaged and influential in eu and international fora. i have been struck by how committed the staff in the central bank are to working in the public interest. this resonates with my own values and i am confident that we have a strong basis on which to deliver our mission. but as well as building on our strengths, we also need to maintain a sense of humility and an openness to be challenged : the financial system is changing rapidly and future challenges and crises will be different to what went before. from a delivery perspective, we must ensure we are using our resources effectively and efficiently. as the world around us changes, we need to evolve and strengthen as an organisation, consistently seeking to be best - in - class. that means regularly assessing and examining our policies, frameworks and approaches to ensure they are fit - for - purpose. diversity of thought is a critical component in this, in order to give us the capacity for deeper insights and make us more resilient. more generally, from my early engagements with various stakeholders, and in preparing for this hearing, i recognise a desire in some quarters for the central bank to move faster on certain issues. i understand that. i certainly want us to be on the front - foot in our