macroeconomic effects of the fomc ’ s full program of securities purchases, including the first round of purchases that was initiated in late 2008 and early 2009, the modification of the reinvestment policy that was announced last august, and the second round of purchases that was initiated in november. those simulation results indicate that by 2012, the full program of securities purchases will have raised private payroll employment by about 3 million jobs. moreover, the simulations suggest that inflation is currently a percentage point higher than would have been the case if the fomc had never initiated a securities purchases, implying that, in the absence of such purchases, the economy would now be close to deflation. 11 addressing some faqs about the asset purchase program has the program been effective in promoting the economic recovery? is the program actually proving effective? my short answer is yes. table 2 depicts financial market responses during three key phases in the rollout of the program : ( 1 ) august 10, 2010, when the fomc announced that the federal reserve would begin reinvesting principal payments on agency mbs and agency debt by purchasing treasury securities ; ( 2 ) the period between august 11 and november 2 ; and ( 3 ) november 3, the date on which the fomc meeting statement announced the commencement of the program. as shown in the table, the initiation of the securities purchase program at the november fomc meeting occasioned only minimal market response. the reason is that it was largely anticipated by investors, having been the subject of extensive public discussions by federal reserve officials during late summer and early autumn. importantly, as expectations of the program gradually became embedded in asset prices during late summer and early autumn, the 10 - year tips yield dropped nearly 1 / 2 percentage point over the period between the august and november fomc meetings ; moreover, equity prices rose and corporate bond spreads narrowed. over that period, of course, asset prices were also responding to economic news and some favorable corporate earnings reports, but the overall pattern of the financial market data bolstered my confidence in the effectiveness of the federal reserve ’ s in addition, the federal funds rate is assumed to remain unchanged from baseline for several years and then to follow the prescriptions of a simple estimated policy rule ; for further details, see chung and others ( 2011 ). the simulation results are reported as deviations from baseline and hence eventually return to zero. in effect, under circumstances in which the baseline path involves a large and relatively persistent unemployment gap, these

matthew elderfield : recent regulatory developments in ireland opening remarks by mr matthew elderfield, deputy governor of the central bank of ireland, at the central bank of ireland stakeholder conference, dublin, 27 april 2012. * * * good morning, minister, ladies and gentlemen. i would like to welcome you to our first stakeholder conference and to warmly welcome our visitors to ireland. in a few minutes i will invite mr michael noonan, minister for finance to open the conference, but first i would like to make some introductory remarks. our purpose here today is to give irish stakeholders an overview of current and future eu and international regulatory developments and to provide them with an opportunity to share their views. we have here with us representatives of consumers, the financial services industry and broader stakeholder groups, as well as colleagues from the european supervisory authorities, other national regulatory authorities and members of the press. i want to welcome our speakers and panellists and thank them for their engagement and commitment. we are privileged indeed to have such eminent representatives with us today. our discussions will be far reaching but we should try to organise them around two broad long - term themes – stability and consumer protection. a fundamental objective of the central bank of ireland is to ensure “ the stability of the financial system overall ”. this is complemented by our participation in the european systemic risk board and the central bank is now organised to fulfil these mandates. as regards consumers, it is more important than ever that consumers make well - informed decisions and feel confident they are adequately protected if something goes wrong. the consumer mandate has been a priority for the central bank and is an increasing focus of all the european supervisory authorities and their joint committee. the central bank aims to be an active advocate for consumer issues in these fora. before the discussions to open up the debate to the wider european and international agendas, let me say a little about how we in the central bank have been dealing with some of the challenges faced in ireland. it is vital that we do whatever is necessary to protect and improve the reputation of ireland as a financial centre. the irish authorities have taken decisive steps to strengthen the banking system through rigorous, conservative and independent assessments of loan losses, involving recapitalisation actions and targeted reduction of non - core assets. efforts have also been made to improve regulation. in the central bank we see improved standards of governance and fitness and probity across financial services in ireland as a priority. the statutory code of corporate governance sets out clear