on leverage and additional guidance to limit liquidity mismatch for irish property funds. more broadly, we are working to develop and operationalise a framework for macroprudential policy in the non - bank sector with our european and international partners. international coordination is essential for such a framework and we will continue to push this agenda in eu and international fora ( like the esrb, fsb, and iosco ) to intensify the monitoring of vulnerabilities, including work to obtain a more complete picture of leverage in the financial system and addressing data and policy gaps. conclusion in conclusion, yes we've addressed the old fragility but no, our work can't stop there. in fact, we have much work to do to continue to build the resilience of the financial system. and in my view the non - bank financial sector should continue to be a top priority for financial stability policy makers in europe and across the globe. ultimately, financial fragility arises because of the lack of resilience. and resilience exists because it is actively looked for, not by waiting for a crisis to happen so that it can be addressed directly but by being front - footed, learning from history, and acting systematically and with urgency. 1 the incomplete nature of the banking union remains a key deficiency in the post - crisis reforms to the european regulatory architecture for banks, and is most notable in the ongoing failure to agree on the proposal for a european deposit insurance scheme ( edis ). a fully fledged edis remains the most comprehensive way to address the component of the bank - sovereign nexus that is channelled through reliance on national dgs schemes, which are underpinned by explicit or implicit sovereign guarantees. without edis, the european banking system will remain vulnerable to the banksovereign doom loop while measures to promote greater integration and cross - border banking will struggle to overcome persistent home - host cleavages at european level 2 the implementation of the final tranche of post - crisis reforms under basel iii, designed to ensure a consistent measurement of risk on bank's balance sheets, risks being drawn out through a number of deviations contained in the european council and european parliament's amendments as a result of which the full implementation of basel iii within the eu may not be achieved until 2032 at the earliest. 3 / 3 bis - central bankers'speeches

er hub innovation in financial services : a regulator ’ s perspective - deputy governor ed sibley 29 november 2019 speech speech delivered at university college cork good morning ladies and gentlemen. i am delighted to be here today at university college cork ( ucc ) to discuss innovation in financial services. thanks to professors john o ’ halloran, philip o ’ reilly and thia hennessy for the invitation to be here today and talk with you. ucc plays a vital role in education, research and entrepreneurship, both locally here in munster and further afield. there is a thriving hub of innovative activity here, which contributes to and shapes wider ideas and practices. within cork itself, i know there is an ever growing ecosystem of collaboration between start - ups, larger firms, academia and government agencies all tying in together to advance innovation. innovation in financial services has the capacity to bring many benefits for consumers, the economy and society in general. it is essential to the effective functioning of a competitive economy. however, here is where a challenge lies for financial regulators. innovation is good, but not all innovations are good, and not all good innovations are done well. so regulators and supervisors need to : not get in the way of ‘ good ’ innovation ; seek to prevent or limit innovations that are detrimental to the goal of well functioning financial services and markets ; and ensure that the associated risks are well - managed. these are important topics for the central bank. so, today, i will cover : 1. the role of the central bank regarding innovation in financial services ; 2. the central bank ’ s approach to innovation ; 3. innovation in financial services ; and 4. foundations necessary to successful innovation in financial services. the role of the bank regarding innovation in financial services the central bank ’ s mission is to serve the public good by safeguarding monetary and financial stability and working to ensure that the financial system is operating in the best interests of consumers and the wider economy. the central bank ’ s aspiration is for a functioning financial services system that sustainably serves the needs of the economy and its consumers. this requires functioning and trustworthy financial markets and firms. it also requires that the financial system and firms operating within it are resilient – this resilience being a fundamental aspect of protecting consumers. as part of its wide mandate1 the central bank is responsible for the regulation and supervision of financial services firms. through this work, the central bank serves the public good by : 1. strengthening resilience of the financial system