these hurdles, there have been numerous speeches to mark the first anniversary of the ssm which have recognized its many achievements. these successes have been well documented and ignazio angeloni has reminded us of them. let me add to this chorus that one of the critical success factors of the ssm has been the ecb ’ s success in attracting high quality staff. many of them are experienced banking supervisors coming straight from the national banking authorities, including the central bank of ireland. they have been attracted by the exciting challenge of working abroad, in helping establish the ssm, and the much better financial terms and employment conditions offered to them. a second wave of supervisors is expected to leave the central bank and other national competent authorities next year, as the ecb will be increasing its ssm headcount by 25 %. combined with the familiar constraint of fempi, this will bring further stresses to the bench strength of banking supervision in the central bank, and to the challenge of replenishing once more our ranks. national competent authority from an national authority perspective, the establishment of the ssm for banking supervision has led to a thorough change in how supervisors within the central bank work. there is the complex multi - location jst relationship to manage with an even greater emphasis on analysis, “ constrained judgment ”, quantitative assessments ( including of risk and control frameworks ) and, a particularly large change for the central bank, a move to formalised end - to - end on - site inspections. the approach to supervision developed by the ecb, with our input and influence, gives the central bank, and banking supervision, the opportunity to build on the significant developments and achievements that have already taken place in the post - crisis and programme years. these include the roll - out of risk - based supervision, the development of leading stress testing approaches and data analytics. this has been combined with instilling an assertive culture amongst our supervisors, as well as using our powers under a credible threat of enforcement. these hard - earned achievements contributed to the delivery of large tracts of the financial sector reform programme but also mean that irish banking supervision bis central bankers ’ speeches staff are well - placed to demonstrate tier - one supervisory capabilities and to operate with excellence in the ssm. with this in mind, banking supervision in the central bank has been restructured last year with three divisions : namely : supervision, analysis and inspections in order to : 1. create a very clear distinction between off - site supervision, on - site

go leir. i might now ask sister rita to come back up as i would like to present her with one of the coins on behalf of the solas bhride centre. 1 see the u. s. national archives and records administration, further information here. 2 the participation rate is the number of persons in the labour force expressed as a percentage of the total population aged 15 or over. the labour force comprises persons in employment and unemployed persons. further information from the central statistics office available 3 labour force survey quarter 1 2024 https : / / www. cso. ie / en / releasesandpublications / ep / p - lfs / labourforcesurveyquarter12024 / labourforce / 4 labour force survey quarter 1 2024 https : / / www. cso. ie / en / releasesandpublications / ep / p - lfs / labourforcesurveyquarter12024 / labourforce / 5 eurostat data https : / / ec. europa. eu / eurostat / databrowser / product / page / lfsq _ argan 6 see bercholz, m. and fitzgerald, j., 2016. recent trends in female labour force participation in ireland. quarterly economic commentary autumn 2016. also see 5 / 6 bis - central bankers'speeches byrne, s. and o'brien, m. d., 2017. understanding irish labour force participation. the economic and social review, 48 ( 1, spring ), pp. 27 - 60. 7 see sharon donnery " maintaining stability in the face of volatility – financial regulation in a rapidly changing world " november 2023 8 see remarks by president mcaleese st. brigid's day lecture, belfast'ireland's role in the world'february 2007 9 see vasileios madouros " the evolving payment landscape in ireland " 6 / 6 march 2024 bis - central bankers'speeches