increased market uncertainty in the euro area and worldwide continue to present challenges to accurate loan - loss forecasting. furthermore, the continuing dislocation – to date – in the transmission of monetary policy throughout the euro area presents banks in stressed countries like ireland with profitability challenges, especially in respect of tracker mortgages ( whose running yield is tied to the ecb policy rate ). since march 2011, economic conditions ( both in ireland and in ireland ’ s main international trading partners ) have generally been worse than the base case employed in pcar2011, but rather better than the stress case. of course in the coming years the implementation of basel 3 will also lead to higher capital ratios. the aim must be to have the banks return to sufficient profitability in a stable overall the deleveraging losses are the highest component. partly this reflects the unavoidable discount that would be incurred by a seller of opaque loan contracts ( even if “ firesale ” conditions do not prevail ), partly reflecting the informational disadvantage of likely purchasers. note, however, that this figure should be interpreted with caution inasmuch as prospective hold - to - maturity losses on the assets to be deleveraged were not separately evaluated. as such the loss shown on deleverage overstates the cost actually incurred by having to dispose of assets rather than holding to maturity. bis central bankers ’ speeches environment so that additional needed capital in future years can come from investors other than the state. instruments used just as with the previous capital increases, the going concern banks worked to reach the objectives as far as they could by liability management exercises and the sale of non - core assets. in the case of bank of ireland, some new cash was raised from issuance of equity. when a government recapitalises a bank, it generally provides an asset to the bank in return for the acquisition of a capital claim on the bank. as things have worked out, to a first approximation, the irish government ’ s practice has been to inject cash into going concern banks ( aib, bank of ireland, ilp ), and non - marketable promissory notes into the entities now being wound down ( ibrc, formed from the former anglo and inbs ). the cash was sourced either from the national pension reserve fund, a sovereign wealth fund established by the irish government in the late 1990s at a time of fiscal strength, or directly from the exchequer. the promissory notes represented a besp

need to create a culture that values difference. we need to think about people starting out in work, going for promotion, returning from maternity leave, changing career paths or future leaders. but of course, let ’ s never forget that behind all the numbers, the indexes, the data, are individual women and girls each with their own story. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ [ 1 ] i would like to thank caroline mehigan and micheal o ’ keeffe for their assistance in preparing my remarks. [ 2 ] see owen, a. l. and temesvary, j. 2018, “ the performance effects of gender diversity on bank boards ”, journal of banking and finance, vol 90, issue c, pp. 50 - 63. [ 3 ] see hoogendoorn, s., oosterbeek, h. and van praag, m. 2013, “ the impact of gender diversity on the performance of business teams : evidence from a field experiment ”. management science, 59, pp. 1514 – 1528. [ 4 ] see organization for economic cooperation and development ( 2012 ), ‘ closing the gender gap : act now. ’ oecd, paris. also, see daily, c. m., dalton, d. r. and cannella, a. a. ( 2003 ) ‘ corporate governance : decades of dialogue and data. ’ academy of management review, 28 ( 3 ), pp. 371 - 382. also, see robinson, g. and dechant, k. ( 1997 ) ‘ building a business case for diversity. ’ academy of management executive, 11, pp. 164 – 177. [ 5 ] see mckinsey & company ( 2009 ) ‘ women matter 3 : women leaders, a competitive edge in and after the crisis, ’ for results of a global survey of almost 800 business leaders conducted in september 2009. [ 6 ] see giuliano, l., levine, d. i, and leonard, j. ( 2006 ). ‘ do race, age, and gender differences affect manager - employee relations? an analysis of quits, dismissals, and promotions at a large retail firm. ’ uc berkeley : institute for research on labor and employment. [ 7 ] see may, a m, d kucera and m g mcgarvey ( 2018 ),