phil was humbly aware of his success, and was always ready to support and promote up and coming groups – not just rock bands but also folk groups too. he made the bass guitar cool, unusual for a frontman. his cutting edge style is widely recognised. across dublin, there are numerous signs of phil lynott ’ s iconic status, statues and murals depict his image, his music is very much part of the city! now, before getting to the main event, i would like to say a few words about musicians and money, and how as part of the euro, irish coinage continues to both celebrate our monetary union and reflect our national values. * * * the invention of coin money was a huge step forward in human civilisation. however, it did not happen all at once, and for a long time barter and primitive monies continued to exist in parts of the world. often when we think of barter we think of goods, the trading of vegetables for animals, or clothing. less focus is on services or musical performances for example. musicians have a long history of travelling for performances, akin to today ’ s world tours. in the context of today, commemorating a musician on a coin, it is interesting, to think of musicians and money, and the alternative way that artists were paid or proposed to be paid. a striking example from the 18th century, is that of famous french opera singer, mademoiselle zelie. [ vi ] while on a global tour, in return for her performances, she was to receive one third of the proceeds. in one destination her share consisted of, three pigs, 23 turkeys, 44 chickens, 5, 000 coconuts, and a considerable quantity of bananas, lemons and oranges. unfortunately, the opera singer could only consume a small part of this total, so she ended up feeding the fruit to the animals and “ so a handsome fee was effectively squandered ”. it is hard to imagine phil or thin lizzy receiving animals and vegetables as a payment for one of their performances! a more recent example of musicians and alternative payments, is that of lily allen. the artist tweeted a few years ago, that in 2009, she was offered “ hundreds of thousands of bitcoin ” to stream a gig. “ as if ”, she said and turned down the offer. [ vii ] a feature of bitcoin is that while many people think it is money, its value goes up and down

role should enforcement play for prudential breaches? and how should senior management distil down the essence of the new supervisory model and approach, so that it can be communicated and understood easily by both firms and front - line staff? for example, in ireland, our new approach is one of “ assertive, risk based supervision underpinned by a credible threat of enforcement. ” that is designed to put a few concepts front and centre : that we operate a risk - based approach, differentiating based on impact and probability ; that there are consequences and accountability for non - compliance ; and that our supervisors are empowered to insist upon actions to mitigate risk where we are not satisfied by the explanation from a firm ’ s management. the best driver for creating this common supervisory culture and model is through the development – jointly by the supervisors that will use it – of a risk assessment framework. this will provide a common vocabulary across the banking union for the description and identification of risk, and set out clear rules of the game for supervisors regarding risk appetite and how problems are to be mitigated. it will therefore be an early, important task, for the ecb to develop a common risk assessment framework and a protocol for on and off - site inspections. stepping back from this long to - do list, it must be pretty obvious what the central challenge is for the new single supervisory mechanism. the key first call to be made is around the “ european capital question ” : is there enough capital in the european banks, in light of asset quality problems and the requirements of crd iv, and, if not, how quickly should you remedy the deficit? this raises the policymaking dilemma, which one might call micro – macro schizophrenia : the tension between the micro - prudential imperative to require more capital, more quickly, and macro - prudential concerns over the implications for pro - cyclicality and sovereign debt sustainability. it ’ s most obvious form may be found in peripheral eurozone countries but the condition is, of course, widely observed! the micro - prudential supervisor ’ s concern for more capital, faster, is rooted in scepticism over the asset quality of the european banks ’ balance sheets, due to practices of bis central bankers ’ speeches forbearance and failure to recognise embedded losses. it is compounded by the concern that the use of bank internal models, creating risk weights from historical losses, is masking or understating problems. and it is heightened by