. i will not elaborate here on the additional powers which have been sought by the bank and granted by the oireachtas on various regulatory and resolution issues. as far as bank supervision is concerned, the eu single supervisory mechanism ssm has ( since november 2014 ) taken over much of the decision - making, while implementation remains primarily a locally - managed task. there are improved decision making processes in regulation ( separation of policy and risk, and enforcement functions from supervision ; significant strengthening of the legal division ; emphasis on better working interaction between the macro and micro prudential staff ). there is an extensive and continuing programme of cultural renewal engaging all staff and using many tools ( clearer definition of mission ; performance management ; all - staff meetings ; monthly cascade briefings ; investment in it systems ; leadership training etc. ) in order to ensure a more effective working environment ( more conducive to, among other things, constructive challenge ). current plans involve even greater use of on - site inspection of banks, as well as a thoroughly overhauled organisational structure to further decentralise decision - making, cooperative working and career progression. no regulatory system can or even should attempt to eliminate all possibility of failure, and regulation and supervision must be able to change with a constantly changing financial industry. but i think the more assertive and risk - based system of prudential supervision that we now have in place has struck the right balance and will help ensure that the banking system helps the economic performance of ireland, rather than causing the economic destruction which we have all been seeking to repair and rebuild. bis central bankers ’ speeches

avoided blind adherence to their ratings. these agencies do not have the database that we at the central bank have on each and every bank operating here. indeed, we have our finger on the pulse of each and every bank, big or small, and we believe that we have a much better reading of the situation than anyone else. starting in april this year, we begin publishing the ratings of all our banks on the bank ’ s website. this is yet another major step in the same direction of greater transparency that we embarked upon when we began publishing all the fees and charges applied by banks. earlier this year, we had the usual imf article iv consultation mission which pored over all figures relating to our fiscal, monetary, banking and financial affairs. the imf and the world bank also conduct a diagnosis of our economy every two years under the financial sector assessment program ( fsap ). the imf and the world bank are of course not regulators of any country ’ s economy but they do set standards in many areas, lend for development activities, act as lender of last resort, and conduct regular reviews of all economies. a pat on the shoulder is not to be scoffed at! the imf mission was favourably impressed by our initiative to publish our own bank ratings – the so - called camel ratings. the acronym camel is straightforward : c stands for capital adequacy, a for asset quality, m for management, e for earnings and l for liquidity. the camel framework is a much better grid for the analysis of banks from a comparative perspective. we have submitted all our banks to this assessment systematically, while refining the parameters and minimising the subjective element. about 18 months ago, when we first told our bank ceo ’ s, with whom we have regular meetings at the level of the banking committee, which i chair, and which brings together senior bank staff and all the members of the mba, that we intended to publish the camel ratings, they almost fell off their seats! until then, individual camel ratings were discussed and shared only with the bank concerned. we embarked on a long process of discussion and clarification and reassured them that publication would lead to a better - informed consumer, which would redound to the benefit of all banks. we begin publishing on april 5th, not the first of april for fear that you might think i am playing a prank on you. this initiative, as i said, is a world premiere. mr stiglitz did not come to