derville rowland : private assets - a changing european landscape remarks by ms derville rowland, deputy governor of the central bank of ireland, at the 10th annual irish funds uk symposium, london, 30 november 2023. * * * introduction good morning. thank you to irish funds for the invitation to address this the 10th annual irish funds uk symposium. it is a pleasure to be with you again today. when preparing for this event, i found myself reflecting on all that has changed since the first uk symposium a decade ago in 2013. the ancient greek philosopher heraclitus is credited with the idea that the only constant in life is change. when a simple maxim like that has survived for centuries, it probably holds some truth. i think it has certainly been true over the last 10 years. the global economy has shifted significantly, emerging from the financial crisis and entering a period of sustained recovery.'low for long'interest rates seem like a distant memory, with one of the fastest hiking cycles in history, and an uncertain monetary policy outlook. technological advancements have continued apace. with the emergence of developments, such as artificial intelligence, which are likely to continue to transform how we conduct business and go about our daily lives. and, of course, challenges such as climate change remain an ever present but evolving risk as we look ahead. the regulatory landscape has also changed dramatically over the last 10 years. enormous work was undertaken to address the fragilities associated with the global financial crisis through initiatives at a domestic, european and international level. indeed, in this new environment of heightened risk we are benefitting from the resilience built up as a result of these changes. in addition, significant steps have been taken in the advancement of a true european capital markets union. but opportunities remain for enhancing the resilience of financial markets and further developing european capital markets. these are complementary goals and will be the focus of my remarks. indeed, as we gather in london for this irish funds symposium, it would be remiss not to recognise how much has changed in the united kingdom over the last 10 years. once a driving force within the europe union, the uk is now charting a path outside of the eu. that said, the uk and london in particular, remain a critical part of the global and european financial system and as such a vital part of european capital markets. no longer as a direct participant of that union but instead, like other global financial centres, as a link to external sources of capital

to encouraging industry solutions and being the occasional catalyst for agreement among the parties, where that achieves the goals the board has been given. but it is and must be also prepared, if needed, to use regulatory powers more forcefully. in judging which approach is preferred, we will respond to the industry ’ s behaviour, just as they respond to ours. the approach we adopt in any instance has to be tailored to the circumstances and we will ourselves on occasion need to innovate. what will be constant is the set of statutory goals given to the payments system board – controlling risk, and promoting competition and efficiency in the payments system. the payments system board is committed to those objectives and will be pragmatic, but determined, in pursuing them. we look forward to effective engagement with the industry in the process.