philip r lane : launch of the central bank of ireland's archives speech by mr philip r lane, governor of the central bank of ireland, at the launch of the central bank of ireland ’ s archives, dublin, 31 august 2017. * * * good evening. welcome to the new north wall quay headquarters of the central bank of ireland. i am delighted to welcome you all to this ceremony to mark the opening of our archives to the public and our own staff. let me especially welcome justice john hedigan, the chair of the national archives advisory council ( naac ) and the other members of the naac, and john mcdonough, the director of the national archives of ireland. i am also glad that our business partners from arcline ltd., which has run the records & archives unit since 2011, are also able to join us tonight to mark this milestone. the bank ’ s archives have up until now principally been for limited internal use and have not been formally open to the public. the bank decided in 2012 to allow public access to the organisation ’ s historical archives under controlled procedures. as a result, our new headquarters was designed to incorporate an archive reading room and supporting facilities. the records created, maintained and received by the bank in carrying out its statutory duties and obligations are ultimately, like the bank itself, owned by the public. in this way, we are bringing the bank into line with other public bodies and peer central banks. the archives of the bank form part of the cultural patrimony of ireland and they will now rightly be available to the irish people and more widely. the bank ’ s archive policy was approved in 2016, in which we have adopted our own rules for transfer of records by bank divisions to the archive and a 30 - year rule for releasing archives to the public. we have also developed an online catalogue of the archival materials we hold to allow the public to search online and identify what they would like to consult, along with booking appointments online to access the archival materials in our reading room. the opening of the archives is in line with our commitment to increase transparency and promote public understanding of the role and functions of the central bank. the archives are also being used to support our outreach activities. these include online initiatives through social media, local community events and our schools programme. the archives also provide much source material for the bank ’ s exhibition programme in our new visitor space, which is adjacent to the archival reading room. for example, much of the

. furthermore, it is important to determine how the task of preventing asset market bubbles from developing should be shared between macro prudential and monetary policy, if at all. ensuring that policy makers are willing and able to act on any information that suggests that financial stability may be at risk is crucial. tightening macro prudential policy will never be popular since the costs of doing so are obvious and the benefits much harder to pin point. clarity regarding the objective of macro prudential policy, where responsibility lies for policy and what the accountability arrangements are, as well as the independence of the decision makers are all essential features of a strong macro prudential framework. references bank of england, ( 2011 ), “ instruments of macroprudential policy ”, discussion paper, december. http : / / www. bankofengland. co. uk / publications / other / financialstability / discussionpaper111220. pdf barrell, ray, e. philip davis, dilruba karim and iana liadze, ( 2010 ), “ bank regulation, property prices and early warning systems for banking crises in oecd countries ”, national institute of economic and social research, discussion paper no. 330, february. http : / / www. niesr. ac. uk / pdf / dp330. pdf borio, claudio and mathias drehmann, ( 2009 ), “ assessing the risk of banking crises – revisited ”, bis quarterly review, march. http : / / www. bis. org / publ / qtrpdf / r _ qt0903e. pdf bis, ( 2010 ), “ macroprudential instruments and frameworks : a stocktaking of issues and experiences ”, cgfs papers no. 38. http : / / www. bis. org / publ / cgfs38. pdf bis, ( 2011 ), “ central bank governance and financial stability : a report by a study group ”, may. http : / / www. bis. org / publ / othp14. pdf bis - fsb - imf, ( 2011 ), “ macroprudential policy tools and frameworks ”, progress repost to g20, october. http : / / www. imf. org / external / np / g20 / pdf / 102711. pdf bordo, michael d. and olivier jeanne, ( 2002 ), “ monetary policy and asset prices :