client assets. in addition, as part of our supervisory strategy for our large population of funds, we will continue to harness the various pools of data at our disposal and develop analytics to identify industry trends and specific supervisory issues. we continue to look for more efficient ways to manage our high volume regulatory workflow such as authorisations and inter - regulatory notifications. a significant project is underway, as a priority in this area in 2014, to reengineer and automate this work in the funds areas. this supervisory approach, along with active stakeholder engagement, ensures that we have an influential voice in international policy discussions. as provided for in central bank legislation, we regularly review our supervisory practices. in fact, the imf has recently undertaken a review of our supervisory practices in the area of banking, comparing us against the basel core principles of banking supervision. they have also assessed the supervision of securities and markets, pitching us against the iosco principles. where instances of non - compliance were identified, we have responded to outline how we intend to overcome these issues. both the reviews and our response will be published in the coming weeks and will be available for you to review. conclusion in prudential and regulatory terms, 2014 will be a remarkable year. at the central bank, we will continue to prioritise our focus on key prudential regulatory issues in 2014. our agenda for the coming year includes a review of our supervisory practices, stress tests of our credit institutions and insurance firms and continued positive engagement with the entities we supervise and regulate. ssm implementation represents a considerable challenge within a demanding timeframe but it is undoubtedly a positive step in banking supervision for ireland, for the eurozone, and for the eu as a whole. the comprehensive assessment taking place on european banks includes the most stringent stress test to date. it will pave the way for the ecb to have full transparency of the health of the banking sector in advance of it assuming its duties in november 2014. it also represents another step for us here in ireland in restoring confidence in our banking sector. we, at the central bank of ireland, look forward to your continued participation and cooperation as we work towards the delivery on our objectives for 2014. thank you for your time this morning. bis central bankers ’ speeches

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