( figure 4 ). recent output and revenue surges should not deflect the government from continuing to rebuild the financial balance sheet of the state. revenue from better - than - expected postcrisis asset sales in particular should be assigned to the extent possible to reducing the national debt. in the previous three years the seal of approval from the troika allowed the government to take a longer time to bring the deficit under control. now financial markets, still a major determinant of ireland ’ s borrowing costs, will look closely at budgetary trends and the government will do well to convince them of its continued determination to adhere to the medium - term fiscal goals set out in eu law. this advice meshes indeed with the recommendations of the irish fiscal advisory council. concluding remarks even without considering numerous other important functions which i have not mentioned, it is evident that the activities of the central bank of ireland remain diverse and of vital importance even though the crisis has abated. ( managing the wholesale payments system, printing – or minting – and processing the issue and recovery of euro banknotes and coins, managing the provision of eurosystem liquidity, ensuring the good preparedness of the deposit guarantee scheme and the national resolution mechanism for credit institutions, powering - up the new credit information register and investing the central bank ’ s portfolio of financial assets are among the factors which i have not mentioned. ) in order to accomplish these tasks effectively we will continue to need an inflow of energetic and enthusiastic staff to join an organisation which is determined to continue reinventing its ways of working and delivering service to the nation and to the eurosystem at large. perhaps some of you in the audience today will be among them. bis central bankers ’ speeches

gabriel makhlouf : the macrofinancial outlook for ireland - risks, resilience and policy opening remarks by mr gabriel makhlouf, governor of the central bank of ireland, at the launch of the financial stability review 2019 : ii, dublin, 4 december 2019. * * * introduction good afternoon, thank you for joining us for the launch of the second edition of the financial stability review ( fsr ) for 2019. i know you are all particularly interested in the decision on the mortgage measures. so let me say straight away : the mortgage measures are working, and because they are working, we are not proposing to change them. but before i go into that in further detail let me set the scene a little. the central bank ’ s mission is to serve the public interest by safeguarding monetary and financial stability and by working to ensure that the financial system operates in the best interests of consumers and the wider economy. that sentence may be a mouthful. but it has already started to roll off my tongue. it tries to encapsulate a very broad mandate and today i will focus on two components : financial stability and the operation of the financial system. a stable financial system is one that can provide services to irish households and businesses, both in good times and in bad. in the end, all this comes down to building resilience. and it matters, not because of the specific banks, funds or investment firms that are in it, but because a stable and resilient financial system is one that can meet the needs of people whether they are families that want to borrow money to buy a house or a car, or businesses that want to invest to expand or hire new staff or people who just want some peace of mind that their savings are safe. a stable and resilient financial system is one that absorbs shocks, rather than amplifies them. and our job is to ensure that the system serves the people, the families and the firms that make up the irish economy. the financial stability review sets out the main risks on the horizon as we see them, along with our assessment of the financial system ’ s resilience to those risks. and it also sets out some of the policy actions that we think are necessary to make sure the financial system continues to operate in the best interests of consumers and the wider economy. so in my introductory remarks, i will highlight some of the key risks, give our assessment of resilience and explain our policy actions