the future of financial market infrastructures : spearheading progress without renouncing safety. remarks at the central bank payments conference, singapore, 26 june 2018. xiv cambridge centre for risk studies and risk management solutions, inc. cyber risk outlook 2018, xv see ecb ( 2018 ), tiber - eu framework – how to implement the european framework for threat intelligence - based ethical red teaming, may 2018. page | 12 the need for resilience in the face of disruption : regulatory expectations in the digital world xvi see central bank of ireland, cross industry guidance in respect of information technology and cybersecurity risks, september 2016. page | 13

access for debtors to each of these systems is subject to a number of conditions. the conditions for a debt relief certificate, which is aimed at allowing people to resolve their unmanageable unsecured debt, include that the debtor ’ s net monthly disposable income after provision for reasonable living expenses must be €60 or less and that their assets be €400 or less. under a debt settlement arrangement debtors who have income, assets and unsecured debts above these thresholds can apply for a protective certificate which will provide a standstill period of 30 days in which the creditors cannot take action against the debtor but will consider a repayment plan put forward by a personal insolvency trustee. if creditors representing 65 % of the value of the debt agree to this plan it will become binding on all creditors and a debt settlement agreement will be registered by the insolvency service. when the payments agreed under the debt settlement agreement are successfully concluded, the balance of unsecured debt remaining will then be written off. a personal insolvency arrangement will cover situations where debtors have both secured and unsecured debts above €20, 000 but below €3 million. it will apply where a debtor is cash flow insolvent – or unable to pay their debts in full as they fall due – and is unlikely to become solvent in the foreseeable future. it involves a personal insolvency trustee advising the debtor, proposing a repayment plan to creditors and, if accepted, administering this personal insolvency arrangement for its duration. this arrangement, which will normally run for six years, must be supported by at least 65 % of creditors and at least 75 % of secured creditors and 55 % of unsecured creditors in value terms. there are also a number of reforms of the bankruptcy act proposed, including changes to the automatic discharge period. while the actual legislation is not likely to come in force for a little while yet, having clarity on the policy framework for bankruptcy and debt settlement is extremely important and very welcome. there is now more certainty for borrowers and lenders alike about the consequences of non - payment and failure to reach agreement under the mortgage arrears resolution process. mortgage arrears resolution strategies the code, the keane report and bankruptcy law reforms provide the policy framework for addressing the mortgage arrears problem. but towards the end of last year, the central bank was increasingly concerned over the progress that the banks were