gabriel makhlouf : remarks - launch of the consumer protection discussion paper remarks by mr gabriel makhlouf, governor of the central bank of ireland, at the launch of the consumer protection discussion paper, dublin, 3 october 2022. * * * good morning everyone, i am delighted that you have been able to join us here in north wall quay this morning, for the launch of our consumer protection discussion paper. the publication of this paper marks the first step in what we hope will be an open conversation on important consumer protection issues. we want to take the time to listen to you so that we understand your perspectives in order to inform our consumer protection work. consumer protection is at the heart of everything the central bank does. our guiding principle, from our founding legislation, is that our " constant and predominant aim shall be the welfare of the people as a whole. " we harness our wide - ranging economic, financial stability and regulatory expertise to protect consumers'interests. i will hand you over to deputy governor derville rowland shortly who will speak about the consumer protection framework, the themes in the paper and the role our planned engagement will play in the evolution of the framework. but first let me explain why we are publishing this paper today. as you all know, financial services are undergoing major change and we are already in a period of transition driven by innovation and changes in consumer preferences. increasingly people are accessing their financial services digitally, while some continue to favour a traditional means of access. through this period of transition, the central bank aims to continue to protect consumers'interests. we want to better understand, anticipate and be forward - looking and responsive to the new environment and the far - reaching changes taking place in financial services. in our view, consumers'interests are best protected through having effectivelyfunctioning financial services markets made up of sustainable, resilient and well - run consumer - focused firms who provide availability and choice. positive consumer outcomes depend on firms acting in their customers'best interests, consumers being empowered to make informed decisions, and rules and regulations that provide users of financial services with a proportionate level of protection. the consumer protection code sets out the conditions in which this objective is fulfilled by firms. the code has served consumers well. it has established a set of rules and 1 / 2 bis - central bankers'speeches expectations for how firms should treat their customers and has allowed us to intervene to protect consumers. but with financial services evolving rapidly, the code must also

##se the performance of the facilities and our energy efficiency. by promoting these sustainable practices internally and externally, the bank is affirming its commitment to reducing its overall impact on the local and global environments. the results are already evident : a 20 percent reduction in energy consumption at our currency centre since march 2017. this is equivalent to over 1. 4 million kilowatt hours, 402 tonnes of carbon dioxide or a saving in excess of e97, 000. in 2018, we reduced electricity consumption at the north wall quay building by twentyfive percent compared with 2017, equivalent to almost one million kilowatt hours, 520 tonnes of carbon dioxide or an annual saving in excess of e119, 000. ( since the nwq building was commissioned in 2017, it would not be considered a baseline for “ normal ” operations. the co2 conversion factors are different for gas and electricity, hence the varying results from the different ratios of resource use at the two sites. ) t : + 353 ( 0 ) 1 224 6000 www. centralbank. ie publications @ centralbank. ie bosca po 559, baile atha cliath 1, eire po box 559, dublin 1, ireland