designed, distributed and sold. as the financial services become more digitalised this will bring significant benefits and risks for financial stability, the regulation of firms and consumer protection models. all this brings more complexity into the system, and complexity brings risk. financial services firms and whole sectors face the challenges of : needing a clear vision for the future in a radically changing world ; having a sufficiently flexible strategy and building the necessary capabilities for thriving in it ; and be able to manage the significant transition risks along the way. and throughout, financial services firms will need to ensure that they are sufficiently focused on their customers, and serving them in a sustainable way. to ensure the central bank continues to meet our mandate we will continue to monitor and shape how the financial system evolves. we will continue to incorporate technology into how we supervise firms and evolve our supervisory practices and models to ensure they remain relevant for the financial environment. we will maintain a strong governance focus in our supervision of firms as technology evolves their approach. we will continue to enhance consumer protection in a digitalised world. it is important to point out, as outlined by my colleague grainne mcevoy25, the greatest risk to consumers comes not from technological developments, but from the culture of the firms in charge of the technology. if you put new technology in the hands of people and firms who are committed to protecting and delivering value for their customers, it is far more likely to result in positive consumer outcomes. the central bank will continue to seek to make sure that consumers and investors are protected irrespective of the technology they are using. this means that the same principles of regulation, including the rules of the consumer protection code, apply equally to both digital and traditional delivery channels. conclusion i will conclude here. i hope i have given some insights into the work of the central bank that is most relevant to mabs ’ s mission, and the value we place on your work. mabs has played a vital role in helping people deal with financial problems for many years. you have an important role to play in continuing to address the problems of the past, and those that will arise in the future. i look forward to mabs and the central bank continuing to work together and separately to deliver a resilient financial system that serves the needs of the people of ireland. thank you for your attention. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

protected disclosures7 individuals working within the system at all levels have vital roles in the functioning of the system. this includes what individuals do when they see issues in how firms and their management are behaving. we frequently hear negative stories about what happens to whistleblowers, whether they are in the political, security, or financial sectors. indeed there are some well publicised cases where the vested interests focused more on the identity and actions of the whistleblower than the issues that were being highlighted. the central bank takes the opposite approach. the protected disclosures regime allows members of the public or staff of regulated firms to provide information on suspected regulatory wrongdoing in a confidential form to the central bank. senior individuals are under an obligation to report wrongdoing to us. the numbers of protected disclosures are increasing year on year. 165 protected disclosures were received in the twelve months to june 2019, compared to 117 in the year before that. the reports are taken very seriously, as is our commitment to protect the identity of the individual making the report. we listen carefully and take action, including : undertaking additional supervisory work such as on - site inspections ; requiring a firm to fix issues ; putting firms under higher supervisory focus ; and taking enforcement action. we encourage individuals to come forward to our dedicated protected disclosures team where they have concerns or information relating to suspected regulatory wrongdoing in financial services. we understand that this can be a difficult and indeed stressful step to take. we have a team of people answering your call or receiving your email, listening carefully to you and dealing with your information professionally and sensitively. 2. interaction between the central bank and mabs mabs ’ s work in helping the thousands8 of people in ireland that are struggling financially is hugely important. the central bank also values the insights mabs gains from its work. mabs is represented on the central bank ’ s consumer advisory group9, which advises the central bank on its work on the protection of consumers of financial services. the central bank has consulted with mabs in relation to mortgage arrears issues, including in relation to the development of the code of conduct on mortgage arrears ( ccma ). mabs also regularly responds to the central bank ’ s consultation papers, particularly those dealing with lending matters and any issues relating to borrowers in financial difficulty. any such responses received are always well articulated, evidence based and considered carefully as we finalise our policy positions. the central bank values this