ireland and the uk. the uk is ireland ’ s third largest goods export destination and is an important destination for products relating to food and agriculture. more than a fth of irish - owned rms rely on the uk for over 75 per cent of their exports. one third of the imports of irish - owned rms from the uk are food products, consisting of goods for both nal consumption and for further processing. 10 the economic impact of the new trading arrangements will depend on how close or how far they are from current arrangements. but it seems likely and unsurprising that any future economic relationship between the eu and the uk will have more hurdles than the status quo. consumers, businesses and regulators should expect, and plan for, more frictions and divergence. perhaps the rst question to consider is how much divergence a business can tolerate or manage. there are no straightforward answers here and it is inevitable that uncertainty will have an impact on economic activity. but minimising that uncertainty by using the transition period to plan for change would be my advice to all businesses, all consumers and all regulators. that advice also applies to all nancial services rms. challenges for a new decade before turning to the more medium and longer term challenges ahead, it is worth looking back at the last decade. the nancial landscape has changed dramatically including in its diversity and complexity. for example, the rise in non - bank nance and the new payments landscape. in ireland, the size of the non - bank nancial sector has more than doubled over the last decade from €1. 8 trillion to approximately €4. 5 trillion last year. 11 at a global level, ireland is the sixth largest jurisdiction for non - bank nancial intermediation activities. 12 market - based nance can provide a valuable alternative to bank nancing for many businesses and households. but we must be aware of the potential risks that may also arise. the last decade has taught us a lot about how shocks transmit through the banking system, and to the wider economy. however, we know less about how shocks propagate through non - bank channels. as i am sure the next decade will show again, nancial instability does not respect neat compartments or segments of the nancial system, or indeed national borders. as regulators, we must continue to deepen our understanding of the risks in the very large non - bank sector domiciled here in ireland. it ’ s a central bank priority : we need to lead and take

a wire transfer? articles 3, 4 and 4a of the uniform commercial code ( “ ucc ” ) govern the above circumstances, but have nothing to say on internet payments. currently, private contract law governs ; agreements between each of the parties in an on - line transaction should be very carefully drafted and reviewed. still, if internet banking and commercial transactions were to grow in volume and complexity, it is quite possible that private contract law could evolve into a specialized commercial law of cyberspace, and eventually be codified into parts of the ucc. on a less theoretical note, i should mention that a multi - national task force on the security of electronic money, established by the committee on payment and settlement systems and the group of computer experts of the group of ten central bank governors, and chaired by israel sendrovic of the federal reserve bank of new york, issued a report on its findings entitled “ security of electronic money ” in august 1996. this task force examined primarily consumer - oriented stored - value payment products by, among other activities, surveying the leading global suppliers of both card - based and software - based stored - value systems, and concluded that the technical security measures of these systems are being designed to achieve an adequate level of security relative to other forms of common retail payment, assuming they are implemented appropriately. i recommend the report to anyone interested in a general discussion about security issues and stored - value systems, internet - based or not. moving away from consumer banking and the internet, and looking perhaps not - so - distantly into the future, i have also had occasion to question what the repercussions are for large - value payments transfer systems, such as fedwire, with the emergence of a different, much more secure internet. generally speaking, the internet today is a “ somewhat ” secure environment in which to conduct banking and financial service activity. the current level of security is not adequate for large - value payments. some internet - based payment products are becoming more secure, but only after the creators of these products have spent a great deal of time, effort and resources making their products secure. consistent fast transmission and processing are also essential for large - value payments. the internet today has no authorized, universal means of prioritizing specific electronic messages from other messages. faster and better hardware helps, certainly, but offers no guarantee. one of my responsibilities is to serve as the product director of the wholesale payments product office of the twelve federal reserve banks. this includes the fedwire transfer of