##active outreach campaigns aimed at specific groups of borrowers. we have also seen a system - wide initiative across all firms with the recent announcement of the new support measures for borrowers in the bpfi " dealing with debt " campaign, that has introduced system wide initiatives to support mortgage switching for the first time and increased coordination with mabs and mortgage brokers to enhance how the mortgage market operates for consumers. these are important outcomes that matter to people. while measures taken by firms to date are welcome, we will continue to engage with firms to ensure that actions meet our expectations and all industry participants are extending themselves to support consumers in difficulty. this will include ensuring that those borrowers who should expect to be able to switch product or provider are supported to do so, noting that the data on mortgage approvals for the first seven months of 2023 shows that overall remortgage / switching activity fell by 78. 6 per cent in volume on a year - on - year basis. conclusion the outlook for the remainder of 2023 and into 2024 will continue to be characterised by high uncertainty, as the battle against high inflation continues. the central bank will continue to focus on maintaining monetary and financial stability and ensuring the financial system works for consumers and the wider economy. derville, vas and i are happy to take your questions. 5 / 5 bis - central bankers'speeches

damage that is done in its absence, when entities or systems fail, when liquidity dries up and when credit tightens to a crunch. to state the obvious, the benefits of financial services can only accrue if the system is resilient and if it is trustworthy. for, lest we forget, the reason any of this works at all is founded on trust. i can see the lawyers in the room protesting, and yes, there is of course a vast legal framework underpinning an array of financial contacts. but trust underpins the very notion of modern money, and thereby the very operation of the modern system of money itself. we trust that money we deposit at a bank is safe, and will be provided back to us when necessary. we trust that insurers can and will make good in the event of insured losses ; and that your pension will be well managed, and there when you need it. in addition to being trustworthy, the sector must also be resilient. for without resilience – both financial and non - financial – it is impossible to maintain trust through good times and bad. and indeed, as we have seen on many occasions, without trust there is ultimately no resilience, in that if one is lost the other is soon to follow. trust and resilience – through the cycle for this reason delivering trust and resilience is for me fundamental to ensuring that the financial system is well - functioning and operating in the best interests of consumers and the wider economy. we all have a part and a responsibility to deliver this, with important roles for regulators and supervisors but also for boards and management of financial services firms given it is you who bear the primary responsibility for managing the risks you face. for our part we deliver trust and resilience through the cycle through regulation, supervision and gatekeeping. 2 / 7 bis - central bankers'speeches regulation is the cornerstone of this delivery, providing a base - line of minimum standards, and working to aligning mis - aligned incentives. this includes capital and liquidity frameworks, our macroprudential measures, the consumer protection code, the individual accountability framework and the incoming digital and operational resilience act, to name but a few. while wholly necessary, experience has shown that regulation is not enough, and must be complemented by risk - based and active supervision, not merely to check compliance but rather to scrutinise risk management controls, culture and business risks and,