we started to collect the data in 2012, the results were poor, where only one in six applications were for female candidates. in our latest report for 2019, which will be published in the coming days the number is 26 % or over one in four applicants, and a two percentage point increase since 2018. 14 underneath the small increase, there are substantial differences in role holders across sectors. for example, over one in four senior role holders in the insurance sector are women, while it is only one in eight in asset management. beyond sectoral information, we can also see the gender balance, or imbalance in the type of roles that women apply for. the data continues to show a pronounced gender imbalance at board level and in revenue generating roles as opposed to second line of defence roles. for example, female applicants for head of investment roles stands at 13 % whereas female applicants for compliance and risk roles stands at 41 %. and while we are seeing some progress, there is still a long way to go. we are placing a spotlight on this issue and intend to keep it there. in 2018, as part of a major piece of supervisory work on the mortgage market, the central bank also published a report on the ‘ behaviour and culture of the irish retails banks, ’ in which we also conducted diversity and inclusion assessments. 15 and next month we will publish the findings of a diversity and inclusion thematic assessment of the insurance industry along with best practice guidance for the wider industry. it is worth recalling why we, central banks and regulators are doing this. we want to ensure boards have a wide diversity of views. we also consider that lack of diversity is a leading indicator of elevated behaviour and culture risks. 16 of course diversity goes beyond gender, but it is also within gender, diversity of experiences, diversity of thought, diversity of perspectives. we want the firms we supervise to make good decisions, take considered risks and not succumb to groupthink. the firms we supervise now expect challenge from central bank supervisors when there is a lack of diversity at board and management levels. beyond our role as a regulator, within the central bank our strategic focus on diversity and inclusion is reflected in our vision and desired culture. 17 it is explicitly called out in the central bank of ireland ’ s strategic plan 2019 - 2021. thinking back to when i joined the central bank in 1996, the bank had no women on the senior management team and not a single female head of division. today, our senior leadership committee is

policymakers, to students and to the very data we collect. coming from a central bank that has a mandate for both financial stability and financial sector supervision, diversity is vital. as a regulator, we actively recognise and promote the need for increased diversity in the firms we regulate. indeed a lack of diversity at senior levels is associated with some of the problems that contributed to the financial crisis. issues such as groupthink, insufficient challenge, poorly assessed risk, and problems with culture. these are compelling reasons why organisations and businesses should themselves ensure greater gender diversity at senior level. evidence shows us that diversity can lead to improved outcomes in terms of governance, decision - making, and productivity. research shows that female participation on bank boards has a positive effect on bank performance once a threshold is reached. 2 also that the very diversity of the board can mitigate groupthink, bringing a mix of values, beliefs and attitudes. 3 in terms of business, there is evidence on how gender diversity can affect the process and quality of decision making. 4 studies suggest that a higher female presence in top management could help develop better types of leadership behaviour across organisations – namely people development, setting expectations and rewards, providing role models, and participative decisionmaking. 5 furthermore, reducing gender differences between management and staff can enhance worker productivity. 6 beyond regulation, as central bankers, many of our decisions on monetary policy and on financial stability are made by people with a background in economics. and we know that perspectives differ by gender. a recent imf study shows that economists views on issues such as the fairness of the labour market and the desirability of government intervention varies systematically by gender. 7 different views by gender, were also evident on environmental protection in the same study. overall, female economists were more likely to support increased environmental protection than their male counterparts. recent research in germany shows that the gender of policymakers makes a difference. using the public provision of childcare as an example, the study shows that municipalities with a higher share of female councillors expand public childcare more quickly. 8 this difference in views is important when it is often economists that are designing policy that affects all households, businesses and lives for today, and crucially, for future generations. but it is not only looking at the policymakers today, we must also be conscious of the policymakers of tomorrow. speaking last year, president mary daly of the federal reserve bank of san francisco, noted that the gender of those entering economics in the us has