000 applications received by the central bank for preapproval for senior roles as part of our fitness and probity regime. this covers insurance, asset management, securities and markets, banking, consumer and credit unions over the previous five years. 8 the results are glaring but unfortunately, unsurprising. 3 / 6 bis central bankers'speeches male applicants made up 80 per cent of applications for senior roles since 2012, with a high of 84 per cent of male applicants in 2012 itself decreasing to 78 per cent of male applicants in 2017. the 2017 data shows an increase in the proportion of female applicants at both board – from 16 per cent to 18 per cent – and senior management levels – from 28 per cent to 30 per cent – when comparing 2017 with the period 2012 – 2016. but these figures are extremely low. we have also carried out a review of the diversity policies of regulated firms and tried to nudge behaviour towards a new, improved norm, by being very clear on what we would like to see in diversity policies. furthermore, the central bank of ireland is actively considering what other steps it should take in this area, particularly if raising awareness has insufficient effect. we would prefer to see the firms we supervise taking steps to increase diversity levels on a voluntary basis. but in the absence of improvements in diversity at senior levels in regulated firms, the central bank will have to consider whether it is necessary to put specific requirements in place. this issue is simply too important to overlook. so regulatory tools clearly have their place. so too do other tools. 2018 marks 100 years of women ’ s suffrage in ireland, and we have indeed come far. this year, we at the central bank of ireland will recognise this great landmark with the launch of a 15 euro commemorative coin. and although you could argue there has never been a better and safer time to be born a woman, gender equality remains the unfinished business of the last century. in ireland it is a national issue. for example, our political system has set down legislative quotas for general elections to the national parliament. put simply, 30 per cent of a party ’ s candidates must be women or their state funding will be cut. partly, as a result, at the last general election in 2016, women ’ s representation in the lower house rose from 15 per cent to 22 per cent – still not enough, but a significant leap in the space of just one election. there was a time when i wouldn ’ t have believed in targets or quota

sharon donnery : the importance of diversity in central banks and supervised entities speech by ms sharon donnery, deputy governor of the central bank of ireland, at the central bank of malta 50th anniversary conference, valetta, 4 may 2018. * * * introduction it is a great pleasure to be with you today and i would like to thank governor vella, for the kind invitation. 1 the central bank of ireland and the central bank of malta have closer connections than may be expected, separated by distance but brought closer through the european project. for example, 2018 is the tenth anniversary of our close co - operation in the management of our eurosystem reserves. in addition, i myself went on a number of technical assistance missions to the central bank of malta prior to accession to the european union ( eu ), so in addition to our institutions ’ connections, it ’ s a particular personal pleasure for me to return to valletta today. governor vella asked me to speak to you today specifically about gender diversity and central banking. i know this is an issue particularly close to your heart governor, and now – thankfully – at the top of all our agendas. in post - crisis supervision of firms, despite the regulatory and institutional overhaul, we sometimes encounter the kind of problems which contributed to the financial crisis, such as groupthink, insufficient challenge, poorly assessed risk, and problems with culture. as i will argue today, gender diversity in the boards and management of supervised firms can help ameliorate some of these issues. of course, going beyond gender is vitally important, given diversity is not just about the ratio of women to men in the workplace. it ’ s about age, ethnicity, sexual orientation, education, nationality, disability, beliefs and more. i will touch upon these issues in my remarks. however, i will focus, in the main, on gender diversity. in my opinion, the ethical argument for gender diversity – while undeniable – may ultimately have limitations. instead, the evidence of what greater diversity can bring to the table – in the form of clear benefits for organisations – may actually be a greater driver of change. but it will, of course, take time for central banks and firms more broadly to become aware of this evidence, to accept it, and to consciously and determinedly implement change. so in the meantime, we have a challenge ahead of us – as women, as men, as public institutions, as managers, as leaders. and it ’ s a