ed sibley : remarks – national supervisors forum agm remarks by mr ed sibley, deputy governor ( prudential regulation ) of the central bank of ireland, to the national supervisors forum agm, 7 november 2021. * * * good morning. i am delighted to have the opportunity to join the nsf agm today. 1 i would like to thank joe tobin, chairperson of the nsf and the members of nsf executive for the invitation to speak with you today at your annual conference, the theme of which is the fifth anti money laundering directive. over the last 20 years or so, the nsf has played an important role in supporting credit unions ’ supervisory and board oversight committees in supervising credit unions ’ governance affairs relating to policies and procedures, and relevant legislation and regulations. this support is arguably even more important today than when the nsf was formed in 2002, due to the pace of change and growing complexity in the financial services industry and the implications for the future of the credit union movement. in my remarks today, i will : outline how the central bank considers its role regarding credit unions within our overall mandate and the wider environmental context relevant to the credit union movement ; discuss the changing financial services system and the implications for credit unions ; in line with the theme of the conference, consider anti - money laundering and counter terrorism financing requirements ; reflect on developments in the credit union sector and the critical enablers needed for credit unions to address future challenges and to embrace the opportunities of change ; and briefly summarise the key themes of the central bank ’ s newly published strategy. through my remarks, i hope that you will appreciate how important we consider the continued success of the credit union movement, as a necessary component part of the wider financial services system serving the needs of the people of ireland and the wider irish economy. i will also emphasise the role of board oversight committees in ensuring that credit unions are able to meet the challenges ahead. i do want to start by recognising the efforts of credit union boards, management, staff and volunteers to continue to support your members through the pandemic. much of the central bank ’ s focus over the last 18 months has been on mitigating the effects of the pandemic on the financial sector – including a focus on operational and financial resilience for all sectors. credit unions have played their part and demonstrated resilience in practice. notably they have continued to provide service to members – in person, remotely and online as appropriate

all these aspects in the running of the central bank. we also see diversity and inclusion as vital to ensuring we have the right mix of people to deliver our complex and diverse mandate and that all our people have the chance to reach their potential. conclusions let me conclude. in these remarks, i have pointed out that the development of the european and irish financial system in the coming years turns critically on major policy decisions. for the eu27, the potential gains from the deepening of banking union, capital markets union and monetary union require policy makers to move forward in taking the steps required to facilitate further cross - border integration. at the same time, the extent and nature of international trade in financial services between the eu27 and uk financial systems ( and vis - a - vis other parts of the global financial system ) will depend on the outcome of the current negotiations. under all scenarios, the central bank of ireland stands ready to fulfill our mandate to safeguard stability and protect consumers. the consistent application of a core set of principles will guide our regulatory and supervisory work, such that firms know that we will maintain our focus on ensuring that regulated entities meet our expectations and are subject to robust supervisory engagement. finally, let me congratulate the organisers of the european financial forum on putting together an excellent programme : it will be a fascinating and stimulating day for all participants. acknowledgements : i thank eoin battigan, lorna bowles, sean fitzpatrick and siobhan kirrane for their assistance in preparing this speech. 4 / 4 bis central bankers'speeches