the collateral that secured the liquidity assistance was transferred to the central bank. the central bank ’ s balance sheet also includes investment assets of approximately €19 billion. this comprises an actively managed marked - to - market portfolio and a hold - to - maturity portfolio. investment earnings on these portfolios amounted to about €455 million in 2014 ; financial results for 2015 will be disclosed in the annual report, due in march. the central bank also manages a us dollar bond portfolio ( of about $ 1 billion ) as an agent for the ecb, as part of the ecb ’ s foreign reserve holdings. the frns were the largest share of the portfolio at €25. 034 billion, the fixed - coupon irish government bond had a value of €3. 461 billion and nama bonds were valued at €13. 724 billion. the ibrc resolution - related nama bonds have been fully redeemed, while the cbi has sold its entire holding of the 2025 fixed rate bond. in relation to the frns, the cbi has disposed of €2. 5billion in total, in five equal transactions, with the ntma as purchaser. bis central bankers ’ speeches the resolution of significant institutions and cross - border banks10, 11. the central bank is currently developing resolution plans for in - scope institutions, which document the actions to be taken in the event of failure12. this is also a landmark year for the insurance sector, with the solvency ii framework going live. this represents a major change in the way that insurance firms are regulated. the “ whole balance sheet ” approach to capital calculation combined with the strong emphasis on a firm ’ s risk management and supervisory review will result in a much transformed regulatory and supervisory framework. this year, central bank supervisors and the supervised firms will be putting this framework into operation for the first time. during 2016, you can expect to hear plenty of discussion about the european commission ’ s proposal for capital markets union ( cmu ). the cmu action plan published in september 2015 contains 33 initiatives designed to enhance the performance of the financial sector in supporting growth across european economies. these aim to improve the diversity of funding sources for businesses and project, enhance investment opportunities for savings and reduce barriers within the single market for cross - border investing. work is already well - advanced on proposals for more straightforward securitisation activities to receive a proportionate regulatory treatment. the prospectus directive will be revised with a view to

investment funds. the regulations will apply to regulated entities from 1 july 2016. credit unions will come under this legislation from 1 january 2017. bis central bankers ’ speeches products. this year, we will further enhance our engagement with boards of the larger retail firms to push for a more consumer - focused culture within firms, and will carry out on - site consumer risk assessments across a number of retail firms. we also plan to continue our product - focused supervisory work, including the tracker mortgage examination, and reviews of structured products and health insurance. we will also increase our firm - specific engagement with low - impact firms, including intermediaries and debt management firms. further work will be done to strengthen consumer protection code requirements, including for variable rate mortgage holders, as well as carrying out an examination of the impact on consumer outcomes of commission payments to insurance intermediaries. over recent years, the approach of the central bank to financial supervision has completely changed not only in the area of banking where supervision is now carried out by the ecb through the ssm but across the organisation. using our risk - based supervisory framework – or prism as it is commonly known – we have developed an approach to supervision which is assertive, rigorous, demanding, but also proportionate and fair. in terms of the supervision of firms, the central bank does not operate a “ no failures ” regime. rather, we expect that, as with any other sector of the economy, some firms may fail. where this occurs, our aim is to ensure that the failure is orderly and that disruption to consumers is minimised. our supervisory approach continues to evolve and develop. during 2016, we will be carrying out a review of the prism framework. as part of this we will be taking a look at our risk appetite to see that it is clearly stated and well understood. we will be introducing changes suggested by peer reviews ( for example in our approach to lower impact firms ), and we will be further integrating emerging risks, including cyber risk. an independent assessment of recent external peer reviews of the central bank ’ s regulatory functions is published today and available on our website and recognises the success of the central bank ’ s actions in the last several years. on the subject of cyber risk, we are seeing a material increase in the frequency, sophistication and severity of cyber - attacks on financial sector firms. this will be an important area of focus for us over the coming period. as highlighted by deputy governor cyril roux in a speech