and poverty. 6 funke, m., schularick, m., and trebesch, c. ( 2016 ), “ going to extremes : politics after financial crises, 1870 – 2014, ” european economic review, 88 ( c ) : 227 – 260. 7 robert schiller ( 2017 ) narrative economics, national bureau of economic research working paper 23075 8 noy, ilan, ( 2009 ), “ the macroeconomic consequences of disasters, " journal of development economics, vol. 88 ( 2 ) : 221 – 231. 9 federico, g. and tena - junguito, a. ( 2016 ), “ anew series of world trade, 1800 – 1938 ”, ehes working paper, no. 93. 7 / 7 bis central bankers'speeches

trying to improve access to finance for small and mid - size companies. a harmonised european approach to the regulation of lending by investment funds is also under consideration13. ireland is an important location for non - bank financial entities, with the vast bulk engaged in externally - oriented financial trade. amongst other entities, this sector includes investment funds, money market funds and financial vehicle corporations. while many of the entities and financial activities are subject to regulation and oversight, our understanding of this broad sector is considerably less developed relative to traditional banking activities. in line with growing international interest in the financial stability implications of banking - type activities carried out by non - banks ( that is, “ shadow banking ” ), the bank for the first time was a contributor to the 2015 global shadow banking monitoring report published by the financial stability board. we are set to continue to monitor and deepen our understanding of any risks that may arise to the financial system from these activities – either in ireland or more widely. in december, we released new regulations on sme lending. the regulations aim to strengthen protections for smes, while also facilitating access to credit. the regulations provide for greater transparency around the application process and the reasons for refusing credit applications, greater protections for guarantors and an expansion of the grounds for an internal appeal14. there is growing international recognition that financial regulators should be more pro - active in protecting consumers, in view of the complexity, risks and costs of financial products. our work on consumer protection is primarily focused on increasing transparency to enable people make informed decisions with full clarity about the risks, costs and long - term impact of financial on 1 january 2016, the single resolution board ( srb ) assumed full responsibility for both resolution planning and resolution actions in respect of the c. 150 largest banks within the banking union, including the irish significant institutions ( aib, bank of ireland, permanent tsb and ulster bank ). this mandate is in addition to our responsibilities under the domestic resolution regime, which primarily applies to credit unions. the new framework also provides for the establishment of a national resolution fund and a european single resolution fund, to help finance the cost of future failure. in 2015, both banks and investment firms were required to contribute to the national fund. this changes from 2016 onwards, when banks will instead pay into the single resolution fund, contributions to which will be mutualised over an eight year period. the central bank has been a leader at the european level in already providing a regulatory treatment for loan origination by