. the central bank ’ s vision of a well - managed and well - regulated financial services system that serves the needs of the economy and its customers over the long term. poor conduct outcomes are invariably associated with serious prudential issues and vice versa. moreover, macroprudential rules are designed to protect both lenders and borrowers alike against over - lending and over - borrowing. 1 / 6 bis central bankers'speeches therefore, the new structural arrangements are designed to enhance how we operate as one bank, recognising the interlinkages, dependencies and need to challenge each other across financial stability, prudential regulation and financial conduct. approach to prudential regulation delivery of this vision of financial services in ireland requires that regulated firms : 1. have sufficient financial resources, including under a plausible but severe stress ; 2. have capitally accretive business models ; 3. are well governed, with effective risk management and control arrangements in place, commensurate with their size, scale and complexity ; and 4. can recover if they get into difficulty, and if they cannot, are resolvable in an orderly manner without significant externalities or taxpayer costs. as one of my predecessors described, delivery of these outcomes requires “ assertive, riskbased supervision underpinned by the credible threat of enforcement2. ” the continued work and enhancement of prudential regulation is a continuum of the step changes made in supervision in ireland and internationally since the onset of the global financial crisis. to this end, my number one priority is to ensure that my teams deliver an effective, intrusive, analytical and outcomes - focused approach to supervision. in other words, that we do our job and that we do it well. our approach will continue to be risk - based and anchored by our prism3 supervisory methodology, and, yes, underpinned by the credible threat of enforcement. we will remember the lessons of the past, and the associated human and economic costs, as well as being forward - looking – seeking to anticipate and mitigate future risks – and continuously improving. the irish financial services sector the irish financial services sector operates in an international context, and within a european regulatory system. multiple factors contribute to its success. one factor is the strength and credibility of the regulatory framework. a robust and effective approach to supervision will underpin our aim of enhancing the standing and reputation of the central bank ( such that it is trusted by the pubic and respected by our peers

be worth much, if anything. this brings us to crypto - assets. to me, a crypto - asset is nothing more than a speculative asset, like a baseball card. if people believe others will buy it from them in the future at a positive price, then it will trade at a positive price today. if not, its price will go to zero. if people want to hold such an asset, then go for it. i wouldn't do it, but i don't collect baseball cards, either. however, if you buy crypto - assets and the price goes to zero at some point, please don't be surprised and don't expect taxpayers to socialize your losses. the upshot of this is that crypto - assets are risky and many of the firms dealing in them are in their infancy. that has come to bear in the past year as several prominent cryptorelated firms have filed for bankruptcy, including payment platforms, exchanges, crypto lenders, and hedge funds. the declines in crypto - asset values and associated business failures have led to many investors in the crypto industry getting hurt. as i mentioned in a speech last summer, surveys conducted indicated that somewhere between 12 and 20 percent of u. s. adults have owned, traded, or used crypto - assets. 3 as losses mount, the debate is turning to whether there should be better investor protections in place. but even institutional investors, with significant resources to conduct due diligence of investments, have felt the pain of the so - called crypto winter. for example, it has been reported that at least 15 public pension funds, which manage public employee retirement funds, had investments in the now - bankrupt crypto - asset exchange, ftx. 4 2 / 3 bis - central bankers'speeches while i don't care if people take on risky investments or engage in risky business ventures, banks and other financial intermediaries must engage in any activity they do in a safe and sound manner. i'm supportive of prudent innovation in the financial system, while at the same time concerned about banks engaging in activities that present a heightened risk of fraud and scams, legal uncertainties, and the prevalence of inaccurate and misleading financial disclosures. as with any customer in any industry, a bank engaging with crypto customers would have to be very clear about the customers'business models, risk - management systems, and corporate governance structures to ensure that the bank is not