sharon donnery : remarks - financial industry forum remarks by ms sharon donnery, deputy governor of the central bank of ireland, at the financial industry forum, international subgroup, dublin, 28 march 2024. * * * good afternoon everyone, welcome to the central bank for the financial industry forum international subgroup. this is our third meeting and today marks the one - year anniversary of the creation of this subgroup. last year we covered good ground in our discussion. at our meeting in september, you, as industry members, brought forward your perspectives on supervision of the international financial sector and we look forward to hearing more of your views and perspectives over the course of our meetings in 2024 and beyond. we have a good agenda today, opening with a discussion on our new regulatory and supervisory outlook ( rso ) report – which sets out our view of risks and priorities for the financial sector for the period ahead. for the second session, which industry members of the subgroup will lead, we will discuss the next 10 years of financial services and regulation. and finally we will discuss developments at eu level following the recent eurofi in ghent. i would like to set the scene for today's meeting with a few opening remarks – particularly on the development of our financial sector and our current work transforming regulation and supervision in the central bank. you will note from the rso that this second point is one of our priorities for the year ahead. and indeed, as peter will outline, the rso itself is an example of how we are transforming – taking a more integrated view of risks, and being more open with stakeholders on our thinking and our plans. to take a step back, as you are aware transforming regulation and supervision is something we have called out in our strategic plan – that in the face of a rapidly changing world, and in particular the pace of change and growth in our financial sector, it is necessary to transform our approach to ensure we are not just doing our job now, but are set up in a way to do it sustainably into the future. and there is no doubt that ireland's financial sector has undergone rapid change in recent years, with some of the highest rates of growth occurring in the most complex parts of the system – not to mention the increasing internationalisation of our financial sector, which this subgroup will only know too well. to put this in context, i thought i would set out a few examples to illustrate the growth our sector has undergone in the last 7 years : while there has been

authorisations process for firms – in particular more transparency and clearer expectations. we have recently closed our innovation consultation, including proposals for a sandbox, and the team are working through the response received. we expect to publish our feedback statement in may. we have improved our f & p system, delivering benefits and efficiencies for both industry and the bank – reducing the processing time for individual questionnaires ( iqs ) from 36 to 24 calendar days, in part through facilitating improved applications ( with a 50 % reduction in those returning incomplete ). we also plan to publish an authorisation and gatekeeping report in 2 / 3 bis - central bankers'speeches the coming months setting out publically our priorities and expectations and how we are evolving our approach. we are taking a more integrated view of risks and priorities, with the external version of that work the regulatory and supervisory outlook we published last month. in addition to these, as i said we are involved in a transformative piece of work around enhancing our supervisory framework – such that it becomes more data - driven, agile and scalable. this involves improving the tools and technologies supervisors have, and it involves delivering a more integrated approach to supervision – both of which we expect to deliver real progress on this year. with a busy agenda ahead, i will leave it at that. i look forward to today's discussion and will hand over to peter to introduce the first topic. 3 / 3 bis - central bankers'speeches