powerfully incentivised to avoid enforcement action by being more diligent in respect of regulatory compliance. this raises standards generally in the financial services sector. it shows that there are consequences for non - compliance. and it is an efficient use of resources. rather than trying to individually mark all the firms that we supervise, the risk of enforcement action has a multiplier effect across the regulatory population in terms of encouraging compliance and good practice. it is, for example, particularly useful for the large population of smaller, low impact, firms where we cannot have a routine supervisory interaction. the benefits of enforcement are therefore very clear in terms of raising standards. these benefits are not only recognised in ireland but, of course, across many other jurisdictions in europe and more generally internationally elsewhere. enforcement actions are taken by supervisors in ireland, in the uk and the us, and also across the european union including france, germany, sweden, malta and luxembourg for example. so, i think concerns over the competitiveness impact of taking enforcement actions, which is a point sometimes put to me, is somewhat overstated. bis central bankers ’ speeches and to be clear, i don ’ t think it makes sense to somehow ring fence international firms from the scope of potential enforcement action. we see weaknesses in governance, systems and controls and other breaches amongst international firms, just as we do for domestic ones. protecting ireland ’ s reputation as an international financial centre is important and means that both firms and the central bank need to be vigilant about standards in this sector. what about the argument that it ’ s not fair to take enforcement action for mistakes? or that when a management team self - reports a breach they should get an exemption from enforcement? these are, frankly, well - trodden and somewhat hackneyed arguments. these are certainly relevant factors to consider during the enforcement process, and typically would be given consideration when assessing the correct sanctions. but the clear international practice is that enforcement still takes place in such circumstances. it is important that the deterrent effect still applies to inadvertent breaches and to self - reported ones as well. to do otherwise, would be to effectively turn a blind eye to the requirements which we are required to uphold and would encourage a culture of slackness that would sow the seeds of significant detriment to consumers and damage the financial stability. so, let me be clear, enforcement in the financial sector in ireland is here to stay. we aim to be transparent about

janet l yellen : " welcoming remarks by chair yellen at a conversation with the chair : a teacher town hall meeting " speech by ms janet l yellen, chair of the board of governors of the federal reserve system, at a conversation with the chair : a teacher town hall meeting, washington dc, 12 january 2017. * * * thank you, and thank you to all the educators who have come to the board this evening or travelled to one of the fed ’ s regional reserve banks to watch and listen via the webcast. i am very much looking forward to hearing from you about teaching economics, and i am eager to respond to your questions. for that reason, and also because i expect that school starts very early tomorrow for many of you, i will try to keep my remarks brief. but i do have a message to impart about the work you do, which is vitally important not only to your students, but also, i believe, to the world they will soon inherit and even to the mission of the federal reserve. first and foremost, of course, like all teachers, you are helping prepare your students for successful and rewarding lives. the knowledge you impart and the intellect and talents you help develop are powerful tools your students can use to build those lives. like some other subjects students encounter in school, economics teaches analytical and critical thinking skills that can aid in the development and success of anyone. part of success for your students is economic success — as capable, creative, and productive members of the workforce and as consumers adept at managing their finances. economics provides knowledge and skills of practical use in college and in the workplace, and it also provides skills to plan and make wise financial decisions, which are some of the most important and consequential that we face in life. your students benefit very directly from this education, but so does everyone else in society. everyone is engaged in and depends on the economy, and nothing is more critical to a healthy and growing economy than the capability, creativity, and productiveness of its workforce. whenever i am asked what policies and initiatives could do the most to spur economic growth and raise living standards, improving education is at the top of my list. in addition to the role you play in preparing students for jobs and careers, you also help prepare them to be responsible consumers. the economy needs productive workers, and it also depends on consumers, whose individual spending decisions, as most of you surely have taught in class, collectively account for two