In his latest blog, Governor Gabriel Makhlouf explains the ECB Governing Council decision to raise interest rates by 0.25 per cent. This first change since June 2025 brings the Deposit Facility Rate to 2.25 per cent. He supported the decision and, along with his colleagues on the Governing Council, is committed to delivering our 2 per cent inflation target over the medium term.

IntroductionGood morning, I am delighted to be here and many thanks to Patricia at FSI for the invitation.1You have a busy agenda today, discussing some of the key issues currently facing the financial sector and financial regulators.As the title of this conference suggests, we are living through a time of fragmentation; and, as I said earlier this week, this is coming alongside a period of rapid technological transformation.2While they say that there is nothing permanent except change3 I think it is fair to say that the scale and pace of change underway is potentially unprecedented – and comes on top of an already complex and interconnected risk landscape.4 Managing, navigating and responding to this is the clear and present challenge which we are all facing.It presents both risks and opportunities for global financial services firms, and for global financial centres, and it is against this backdrop I would like to set out some perspectives this morning.Firstly, on financial regulation amidst financial fragmentation – both the approach of Central Bank of Ireland as well as what we expect of firms.And secondly, our commitment to Regulating and Supervising well – which includes risk-based, outcome-focused supervision, robust and efficient gatekeeping, and delivering on simplification, all of which I would like to update you on today.Combined – a strong and well-run sector, operating in a robust and well-regulated environment – these represent to me important foundations for financial services firms as you look to respond to an increasingly complex and challenging world in 2026 and beyond.Global responsibilitiesSo, what does it mean to me, as Deputy Governor, Financial Regulation at the Central Bank of Ireland, and my teams to regulate and supervise a significant international financial centre – in particular in the context of international fragmentation.We have spoken before of the sectors’ rapid growth, and how it has become bigger, more complex, more digital and more international.5This has been the defining feature of the changing landscape of financial services in Ireland over the last decade, and as the people in this room represent, Ireland is home to significant parts of the international banking, insurance and asset management sectors – while being an increasingly important EU hub for fintech and payments.As I said early this week, global significance comes with global responsibilities. And our international responsibilities are something we take seriously at the Central Bank, indeed something we embrace – as we work to contribute our part to the global public good that is global financial stability. For me this involves a number of things, but in particular:A continued commitment to international engagement, standards, cooperation and scrutiny; and, crucially,Ensuring the sector is resilient and well run, so that consumers and the financial system in Ireland, Europe and beyond are well served and well protected by Irish based firms.On the first point, while the narrative and focus is very much on fragmentation, it would be remiss not to recognise that the global economy and financial system remains highly interconnected – and indeed I believe is likely to remain so. International trade, including in financial services, and the inter-connectivity of our economies and financial sectors continues – and even if globalisation may be in retreat, this is the primary context in which we continue to operate.  For our part, we remain fully committed to the global regulatory framework and global supervisory cooperation.We actively support the work of the international standard setting bodies, and the implementation of global standards in Europe. And we work  closely with supervisory colleagues in Europe and around the world.As you all know, as regulators we think through the cycle.While this applies to our regulatory frameworks, I have always firmly believed in also building regulatory relationships that operate through that cycle – part of why we put such an importance on bilateral engagement, as well as our commitment and contribution to the wide range of EU and International fora we are part of.Speaking to you, I would say that firms should also be thinking through the regulatory and political cycle.And rather than championing, and capitalising, on divergence, they should continue to advocate for, and indeed practice, convergence. Which means for me taking a longer-term view, and applying the best standards internationally, rather than the lowest standards locally.This is something I know first-hand many of the international firms here do – knowing the value of high standards and resilience.And indeed I have seen many upstream benefits from international subsidiaries, in terms of best practices from local entities influencing better outcomes at group level.Opportunities and responsibilitiesThis brings me to my second point – namely our focus on ensuring our sector is resilient and well run, and what we expect of you in this world of fragmentation, volatility and rapid change. Speaking to this audience, let me focus my remarks on how we think about – and what we expect from – those firms that are part of wider international groups.The first thing to say is we are clear on the commercial and practical implications of being part of these groups – in terms of competing for resources alongside other entities across the globe, the leveraging of functions, and the down-streaming of group decisions. But secondly, while this is important context that we understand, we believe that it is in the best interest of everyone that subsidiaries based in Ireland are part of a well-regulated, stable jurisdiction – and subject to the high standards and risk-based supervision that sets them up sustainably for success. This includes being resilient, financially and operationally, but also in terms of governance and risk management – ensuring the local entity is substantive, and sufficiently independent.Thinking in particular of the current risk landscape, Irish entities part of global groups, have distinct opportunities and responsibilities. In terms of opportunities, having access within your groups to global networks and intelligence, global infrastructure and data, as well as exposure to global best practices in risk management, can provide real benefits. In the face of a rapidly changing external environment, including rapid technological change, this can be something that you can harness to the benefit of your consumers and the wider economy.But alongside these opportunities you have clear responsibilities, to ensure that your Irish and European franchise is substantive and well governed.This means that leveraging of group resources is not done to the extent to which it compromises the independence of the local board, or creates conflicts of interest that are not adequately managed, or leaves boards unable to fulfil their oversight function, their regulatory obligations or, simply, their duty to their customers. This has always been the firm principle under which we regulate our large internationally oriented financial sector – and one that I reinforce today.6 And while as I said these benefits can be a distinct advantage navigating the current external risk environment, amidst global fragmentation and rapid innovation, such local responsibilities become all the more important.This is something my teams and  I have discussed with many of you – and I know of the ongoing commitment of our sector to robust boards demonstrating both autonomy and responsibility, understanding and expertise.Regulating and Supervising well – minding the gate…Turning to our broader regulatory framework, you have heard me speak before about Regulating and Supervising well – which for me means robustly, effectively and efficiently.  As you know our revised integrated supervisory approach,  introduced in January 2025, builds on the strong foundations of our risk-based approach to supervision, incorporates our European and international supervisory responsibilities, and the domestic and European regulatory framework in which we operate.Through risk-based and outcomes focused supervision, robust and efficient gatekeeping, and clear and predictable regulation, we deliver the high standards and stable environment which underpins a strong financial services sector.In particular today, I would like to cover two aspects of this: our approach to authorisations and gatekeeping and how we are delivering simplification.Firstly, gatekeeping – which is a key part of the regulatory and supervisory framework, and indeed a large part of our work. Over the last 10 years we have authorised or approved:3 Banks, 32 Payment Institutions and 30 E-Money Institutions;Over 9,000 Funds7;60 (re)insurance firms, and 11 Solvency II special purpose vehicles;57 MIFID Investment Firms and around 1,900 retail intermediaries8; and around 9,000 debt prospectuses and nearly 30,000 people in key roles in financial services as part of the Fitness and Probity Regime.And today we are publishing our annual Authorisation and Gatekeeping report9, which sets out expectations and metrics on how we are delivering on this role, and demonstrates that the pipeline is still strong, and that it is expected to continue to be so.But why is gatekeeping important?Well, gatekeeping  is all about ensuring firms, individuals and products meet the required standards, in particular those responsible for the public’s money – and in this way it plays a fundamental role in contributing to our safeguarding outcomes, namely: financial stability, the safety and soundness of firms, the protection of consumer and investor interests, and the integrity of the system.Given the volume and importance of this role, our approach to authorisations is:Risk-based and is framed in the context of legislative requirements, guidelines and best practice. Proportionate and reflects the nature, scale and complexity of firms’ activities. Outcomes focused, in that it is not about checking boxes but about ensuring we deliver the right outcome, which is a firm set up to be well run, sustainable and to serve its consumers well. Robust – considering an authorisation granted by the Central Bank is an entry point for providing services into the Irish and European financial markets and therefore has to mean something in terms of high standards. We also work hard on supervisory convergence across Europe to ensure common high standards for our single market.But recognising the importance of innovation, new entrants, and the proper and orderly functioning of our financial sector, in addition to ensuring our process is robust, in recent years we have also focused our efforts on ensuring it is efficient. We know that the speed and predictability of regulatory processes matter to firms making investment decisions; but at the same time we also know the importance of the high standards that should be associated with regulatory approval from Central Bank of Ireland.As such, this does not mean we prioritise speed over rigour. But it does mean we have sought to enhance our gatekeeping process, to be more clear, more transparent, more efficient and more predictable.We have done this out of a desire to continuously improve. But also in the face of feedback that our clarity and responsiveness to incoming applications could be improved, as well as the review of our Fitness and Probity approval process in 2024 – which has helped further strengthen our approach.10We have listened and acted on that feedback, have learned the lessons where our processes may not have always been up to the required standards and have fully implemented the recommendations from that review. The positive response from industry and other stakeholders underlines the progress we believe we have made here.To enhance transparency, today we are publishing our second report on implementing the F&P review recommendations.11 All 12 recommendations are now fully implemented and embedded. Highlights include:Efficiency: 97% of F&P application assessments are completed within 90 days – with average approval time of 50 calendar days.Clarity – we have consolidated our guidance into streamlined and user-friendly materials;Governance – we have established a dedicated F&P unit, as well as a Gatekeeping Decisions Committee, which I chair; andEngagement – we have actively engaged with industry stakeholders, including through workshops, increasing transparency and building trust.While satisfied with our progress – both on this work and our broader approach to authorisations – we know we are not perfect, and that there is always room to improve.But we also know it is not about being perfect – for fear it becomes the enemy of the good. Rather it is about being a mature regulator committed to learning and improving. It is about responding to feedback, changes in the framework and legal clarifications. It is about being more effective and efficient, as well as addressing any issues identified with our processes or communications – all of which is designed to support good supervisory judgement, and good outcomes.As we continue to improve in our gatekeeping work, I would highlight three areas for the future:First, as noted in our simplification roadmap, following the success of our F&P Unit we are centralising our broader gatekeeping functions to make it more effective, while bringing greater, clarity, consistency and efficiency to this work.Secondly, we are investing in and improving our technology, including through automation and AI – which will provide efficiencies, transparency and consistency in the internal and external experience of the authorisation process for all sectors and products.And thirdly, we are firmly committed to continuing to deepen our understanding of innovation in the financial sector, which includes our own internal expertise, our innovation engagement – through the hub and the sandbox –  but crucially also our engagement at the gate, where we are increasingly seeing innovative business models and applications from both new and incumbent providers.All of this is aligned with our commitment to being more forward looking, more open and engaged, and to regulating and supervising well.  And sets us up well to continue to deliver on our important gatekeeping role into the future, helping to maintain the stability of the sector while ensuring the financial system is operating the best interests of consumers and the wider economy.…and delivering a more effective and efficient frameworkFinally, let me touch on a topic we are very much engaged with in the Central Bank, namely the simplification agenda.In my first speech as Deputy Governor a little over a year ago, I set out my thinking on simplification and how my teams and I would approach this issue.12I said we would proactively look for areas to simplify; and we would engage with stakeholders on their views.I said we would enhance our approach to weighing the costs and benefits of regulatory interventions; and that we would be effective and efficient in our regulation and supervision.And I said that while engaging on these issues, we would remember and remind others of the lessons from past – and call out instances where we believe simplification was sliding into deregulation.Over the last year I believe we have done that, though of course with more to do. We have engaged openly with our stakeholders, and have looked at our own frameworks. We have continued to embed our new supervisory approach, which is more integrated, more risk based and more outcomes focused, building on the strong foundations of our previous model.We have broadened and enhanced our evidence-based policy making, further embedding this in our regulatory approach.And in December we published a comprehensive multi-year roadmap of simplification initiatives across regulation, supervision, gatekeeping and reporting – of which I would like to give you an update today.13I am pleased to say we are on track on our commitments.Some examples include: Setting out in more detail our annual supervisory plans – which were included in our Regulatory and Supervisory Outlook this year, and I was glad to hear this was useful and well received.Completing a review of our Cross-Industry Guidance on Outsourcing, which was specifically called out in our engagement with stakeholders. Following this review we have decided to remove the current guidance and replace it, removing any duplication while still assisting firms through non-mandatory good practices. We will be engaging with the sector on this new guidance later this year.In terms of our review of more than 50 domestic insurance artefacts – we have prioritised areas affected by the Solvency II reforms, and will be engaging with the sector on proposed changes over the rest of this year, including at a half-day event next week.On data and reporting, we are centralising our approach to data in the Bank. We have streamlined new data requests, and are engaging in a comprehensive review of data collections. We have already identified early candidate reports for retirement/consolidation – and will progress this in the second half of this year.And finally, we have developed a new regulatory impact assessment framework – which we will publish and consult on in the coming weeks. This work further embeds and brings greater consistency to how we do policy in the Central Bank, as well as how we conduct and publish regulatory impact assessments for those areas of policy where we are exercising meaningful discretion.This will bring greater clarity and transparency to our approach, will enhance and support good evidence-based policy making, as well as deepening the consultation process through a better and clearer articulation of the trade-offs and outcomes we want to achieve.ConclusionLet me conclude.We are undergoing a period of fragmentation and rapid change, which presents risks and opportunities for the financial sector.For our part, we are firmly committed to global cooperation and standards – and through regulation and supervision playing our role in a well-functioning financial sector operating in the best interests of consumers and the wider economy in Ireland, Europe and beyond. For your part, while internationally oriented you must do so from strong domestic foundations. This includes your ongoing commitment to resilient and well-run firms, leveraging the best of your international opportunities while firmly delivering on your local responsibilities. For we must remember our financial sector is built on the foundations of robust supervision, high standards, strong global connections, and innovation done well. In uncertain and challenging times these foundations are more important, not less. And so we should focus on reinforcing them – thinking through the cycle, and recognising that resilience is a strategic advantage, rather than a burden to be undone.As the old saying goes: When the roots are deep, there is no reason to fear the wind.14 Wise words to heed in times of challenge and change  – as we look to, and indeed weather, the future to come.Thank you! [1] Many thanks to Cian O’Laoide for his help preparing these remarks.[2] McMunn Navigating and responding to change – resilience, innovation and regulation in the Funds Sector June 2026[3] Attributed to Heraclitus[4] Regulatory and Supervisory Outlook 2026 and Financial Stability Review I 2026[5] Remarks by Mary Elizabeth McMunn at bpfi - 7 May 2026[6] Remarks by Mary-Elizabeth McMunn Director of Credit Institutions Supervision at Federation of International Banks in Ireland annual conference November 2022[7] QIAIF, RIAIF, UCITS and ELTIF fund types[8] Including debt management firms[9] Authorisations and Gatekeeping report[10] Fitness and Probity Review July 2024[11] Fitness and Probity Review – report on implementation of recommendations 2026[12] McMunn Shocks and shifts – regulation and supervision in a changing world April 2025[13] Regulating & Supervising well – a more effective and efficient framework December 2025[14] African proverb

My thanks to the Tánaiste and his Department for the invitation to be here today. I am delighted to take part in this National Financial Literacy Strategy Stakeholder Forum. It is an important event as part of a necessary collaborative approach across public and private stakeholders in delivering Ireland’s National Financial Literacy Strategy – a strategy in which Central Bank of Ireland is proud to participate. As we are here in the oldest continuously operating maternity hospital in the world, it seems fitting to start by noting the parallels between financial literacy and health literacy. Research has shown that lower levels of health literacy1 result in higher mortality rates.2 If you are better informed about your health, you typically have more effective consultations with health care providers, are better informed about medications or treatments, and as a result have improved health outcomes. The same principle applies to financial literacy. The more financially literate you are, the more resilient you become to economic shocks and the better equipped you are to secure your financial future.As Deputy Governor of Consumer and Investor Protection at Central Bank of Ireland, I am responsible for leading the strategic development and execution of the Central Bank’s consumer and investor protection mandate across all sectors within the Irish financial system. I am here today to talk to you about the work the Central Bank does to advance the objectives of the Financial Literacy Strategy through that Consumer Protection mandate.Financial Literacy and Awareness as a principle in financial consumer protectionLet’s start with the global standard. Principle 4 of the G20/OECD High Level Principles on Financial Consumer Protection requires all stakeholders to promote financial literacy and develop mechanisms that equip consumers to understand risks, make informed choices, and support their financial wellbeing.The Central Bank supports Ireland’s achievement of this principle by working to ensure the firms we regulate act in a manner that helps the achievement of these objectives. Our recently modernised Consumer Protection Code is central to this effort. The Consumer Protection Code as an enabler of financial literacy The Code creates an environment that helps support the promotion of financial literacy. Here are some examples: The Code requires firms to ensure that information is provided in a way that the material features of the product or service can reasonably be understood and that all customer information is clear, accurate, up to date, written in plain and accessible language, and avoids unnecessary technical terms. Firms are now specifically required by the Code to ensure digital services are designed to be easy to use and navigate, that the technology is tested, and that it produces consistent and objective outcomes.Mortgage Switching is made easier under the new Code and when buying on credit online (like "buy now, pay later"), firms must give consumers enough time to think about whether this type of credit is right for them.The Code contains new requirements for firms to counter the risk of frauds and scams, keeping consumers informed and supporting them if they fall victim.Through measures such as these - and there are many more in the Code - we aim to create an environment that supports the better consumer outcomes.  And we will work to ensure that these requirements are properly implemented by the firms we regulate, who have a critical role to play in promoting financial literacy. I have noted on previous occasions, for example, how industry could make their contribution to the important policy objective of simplification by making their product offerings and processes simpler for the consumers who use them.Making consumers aware of the risks and their rightsThe Central Bank also has a role to play to inform consumers of the risk landscape that we see in a way that is meaningful for those consumers when it comes to making key financial decisions. We also want to ensure consumers understand the protections available to them when using financial services and products. We do this in a number of ways including through our Consumer Hub, where we continue to provide information to support consumers, through the publication of plain language explainers and videos to inform and educate. This includes warnings to consumers about potential risks such as our recent consumer information campaigns dealing with frauds and scams, crypto, and Buy Now Pay Later. Advancing Financial wellbeing through Consumer ProtectionThe financial decisions consumers make – at different points in their lives – can have a profound impact on their long-term financial wellbeing, and as a result, their overall quality of life. We know that consumers who are financially literate are better placed to make good financial decisions and to look after their interests to safeguard their financial wellbeing.A strong, effectively supervised, consumer protection framework supports financial wellbeing by ensuring that consumers are informed effectively, and that they have access to quality financial products and services that support them in managing their finances.Through a comprehensive programme of work in 2026 and beyond, we will continue to ensure that firms are placing consumers at the centre of their decision-making and operations. By holding firms to account on how they treat their customers and by monitoring their compliance with our modernised consumer protection code, we aim to create an environment where consumers are better protected, better informed, and better equipped to make sound financial decisions. This is how, working with the stakeholders here today, we advance financial literacy and financial wellbeing at scale.Concluding remarks The G20/OECD principles I referred to speak about “financial wellbeing”. Financial decisions are often complex and difficult. Just like the decisions we make about our health. And I wish we could say we are as attentive to our financial wellbeing as we are to our health more generally, accessing the professional help we need and getting better outcomes. This is why building financial literacy and creating supportive systems is so essential.With better financial literacy we will have better financial wellbeing outcomes. I hope that years from now, perhaps in this very venue, future generations will remark on the journey to bring those better financial wellbeing outcomes into being. [1] Health Literacy [2] Association between low functional health literacy and mortality in older adults: longitudinal cohort study

Deputy Governor McMunn's speech to IOB Funds and Asset Management Forum on 8 June 2026.

Central Bank of Ireland has today (Friday 5 June 2026) published its Annual Report and Annual Performance Statement for 2025.Speaking on publication of the report, Governor Gabriel Makhlouf said: “2025 was a year of significant uncertainty and adjustment. “Inflation across advanced economies continued to moderate from the highs experienced in previous years. In the euro area, we kept interest rates at levels necessary to ensure that inflation returns sustainably to our 2% target even as geopolitical tensions, technological change and the climate transition continued to reshape the landscape of our economies and financial systems. The uncertainty continues even now, and my colleagues and I will continue to act in line with our mandate, remaining data-dependent.“The Irish economy demonstrated resilience, supported by strong employment and investment. We continued to face the challenges of infrastructure constraints and the uncertain external environment which so affects us as a small open economy with a large, internationally-connected financial sector. We must continue to strengthen Ireland’s resilience to global shocks – while 2025’s disinflationary process was driven primarily by the continued unwinding of energy price shocks, the supply shock from the war in Iran is already showing up in higher energy commodity prices, passing quickly into consumer and business energy costs.” Reflecting on the Central Bank’s achievements over the last year, Governor Makhlouf said: “During 2025, the modernised Consumer Protection Code came into effect, following a comprehensive review of the existing framework to stay abreast of the way financial services are provided in a digital world. The revisions enhance the areas of informing effectively, protecting consumers in vulnerable circumstances, mortgage switching, insurance auto-renewals, frauds and scams, and the provision of unregulated products and services by regulated firms.   “We continued to develop our Innovation Sandbox programme with a call-out for projects on the theme of innovation in payments, strengthening engagement with innovators in this area and enriching our insight into emerging technologies and business models in the Irish financial system. The 2025 theme was combatting financial crime and we brought together seven projects across innovation areas such as information sharing, identity verification and fraud prevention. “In 2025, we implemented our new supervisory approach aimed at delivering on four critical and overarching safeguarding outcomes: the protection of consumer and investor interests; the integrity of the financial system; the safety and soundness of firms; and financial stability. We continue to signal our priorities and methodologies through the annual Regulatory & Supervisory Outlook Report, and in December, we published our ‘Regulating & Supervising well – a more effective and efficient framework’ report which outlines our approach and experience to date in reducing complexity and improving clarity while maintaining resilience and important protections in the system.“At an organisational level, our new framework created multi-disciplinary teams working together within and across sectors to deliver our supervisory priorities in a more effective way.“We progressed implementation of new EU regulatory regimes such as the Markets in Crypto-Assets Regulation, the Digital Operational Resilience Act, and the EU AI Act, applying its responsible AI governance model to the deployment of our own internal AI tool, BankChat, and AI-enhanced business intelligence.“At the beginning of 2025, we set up a dedicated team to investigate and prosecute offences under financial services legislation. We became a Trusted Flagger and began our efforts to have illegal online content removed by certain large technology firms and ran an advertising campaign to raise awareness about scams and empower people to avoid them.“We also issued two commemorative coins, one to mark Daniel O’Connell’s 250th birthday, and the other the achievements of George Bernard Shaw on the 100-year anniversary of his becoming a Nobel laureate.“Reflecting our commitment to the continued availability of cash, we commenced our responsibilities under the Finance (Provision of Access to Cash Infrastructure) Act 2025, processing the registrations of cash-in-transit companies and ATM Deployers operating in the State, designating entities responsible for compliance with the Act, and launching two public consultations (one on Local Deficiency and another on Requirements for ATM Operators). “We responded to the Government’s 2025 insurance reform action plan, delivering on greater market transparency to deliver a fairer and more affordable insurance market with faster releases from the National Claims Information Database.“Our multifaceted and demanding work is only made possible by the people who work here, whose dedication and professionalism are commendable in rising to the challenge. Our values – integrity and care, courage and humility, teamwork and excellence – guide all of us. Our diversity and inclusiveness strengthen us, and on behalf of myself and the Commission, we thank them for their dedication and commitment to the public interest and the welfare of the people as a whole.”ENDSFurther InformationGheorghe Rusu | 086 102 9986 | gheorghe.rusu@centralbank.ieMedia Relations Office | media@centralbank.ie Notes to EditorGovernor Makhlouf has written a blog on the Annual Report, containing an overview of the economic outlook, a summary of the Central Bank’s achievements and an update on our financial position at the end of last year. 

In his latest blog, Governor Gabriel Makhlouf writes about the release of the latest Annual Report and Annual Performance Statement. He uses his blog to reflect how the Central Bank delivered on its mandate for the people of Ireland and gives an overview of the economic outlook, summarises achievements and provides an update on the financial position at the end of last year.

Warning:Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm NameFTI Finance Limited (CLONE)Website• https://client.ftifinanceltd.com/auth/login• https://ftifinance-ltd.com/ • https://ftifinancelimited.comEmail address used• support@ftifinancelimited.com• support@ftifinance-ltd.comAuthorisation in IrelandFTI Finance Limited (CLONE) is not authorised to operate as an investment firm or investment business firm in Ireland.Additional InformationThis scam firm cloned the details of a Central Bank of Ireland authorised entity of the same name in order to add an air of legitimacy to the scam.  It should be noted that there is no connection whatsoever between the legitimate firm and the scam entity.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

 Warning:Unauthorised Irish Collective Asset-Management Vehicle (ICAV)Unauthorised Firm NameInsight Investment Solutions ICAV (CLONE)Website Addresshttps://investmentsolutionsfunds.eu/Telephone Number 02890137409Email Addressinfo@insightinvestment.ieAuthorisation in IrelandThe Clone Firm is not authorised to provide financial services in Ireland.Additional InformationThe Clone Firm is using the name and  Central Bank Registration Number of the legitimate Central Bank authorised Fund, Insight Investment Solutions ICAV, in order to deceive consumers.It should be noted that there is no connection whatsoever between the Central Bank authorised fund and the scam entity.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.  

Warning:Unauthorised Investment Firm / Investment Business Firm / Crypto-Asset Service ProviderUnauthorised Firm NameAMOVA Asset Management Ireland Limited (Clone)Websitehttps://amova-assets.com/Email address usedadmin@amova-asset.comAuthorisation in IrelandAMOVA Asset Management Ireland Limited (Clone) is not authorised to operate as an investment firm, investment business firm or provide crypto-asset services in Ireland.Additional InformationThis firm cloned the details of a legitimate firm in order to add an air of legitimacy to the scam.  It should be noted that there is no connection whatsoever between the Central Bank authorised firm of the same name and the scam entity.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

  Warning:Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm NameApel Investments trading name of Apel Financial Services Distribution (CLONE) Website(s)• https://apelinvestments.com• https://client.apelinvestments.com/register• https://client.apelinvestments.com/login• https://apelinvestments.com/metatrader/• https://apelinvestments.com/webtrader/ Email address(es) used• support@apelinvestments.com• help@apelinvestments.com• claim@apelinvestments.com• sup@apelinvestments.com• executiveqc@apelinvestments.com• privacy@apelinvestments.com• aleksander.dinovic@trading-advisors.com• alex.d@financial-advisors.com• lorenzo.lombardi@stockeuromarket.com Phone number(s) used+393476031560+442039151936+442039511096+442039513057 Authorisation in IrelandApel Investments (CLONE) is not authorised to provide Investment services or Investment Business services in Ireland. Additional informationThis Unauthorised Firm has cloned details of a Central Bank authorised firm and has been seeking to pass itself off as the legitimate firm, APEL Financial Distribution Services Limited, in order to deceive consumers.It should be noted that there is no connection between the Central Bank authorised firm and the Unauthorised Firm. Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013. 

Warning:Unauthorised BankerUnauthorised Firm NameHSBC Continental Europe (CLONE)Websitehttps://campaign.eligibility-advisorscorporate.com/Telephone Number(01) 6214 2195(07) 4313 0963Email address usedhsbc@corporate-dublin.comAuthorisation in IrelandThis scam entity cloned the name and details of a firm authorised by the Central Bank and has been seeking to pass itself off as the legitimate firm, HSBC Continental Europe, in order to deceive consumers.Additionally, the scam entity has cloned the Central Bank authorisation number CBI00001421, which is legitimately assigned to Cowan Insurance Brokers Limited. There is no connection between Cowan Insurance Brokers Limited and this fraudulent entity.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Warning:Unauthorised Investment Firm / Unauthorised Investment Business FirmUnauthorised Firm NameEuro Bonds Finder/Irish Rates FinderWebsitehttps://eurobondsfinder.com/Authorisation in IrelandEuro Bonds Finder/Irish Rates Finder is not authorised as an investment business firm in Ireland.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Warning:Unauthorised Investment Firm / Investment Business FirmUnauthorised Firm NameResearch Vision Limited (CLONE)Website addresswww.researchvision.comEmail addresses usedmichael.parker@researchvision.com info@researchvision.com privacy@researchvision.com trading@researchvision.com client.services@researchvision.comTelephone Numbers+44 2070978261+44 2070978260+44 7403934849Authorisation in IrelandResearch Vision Limited (CLONE) is not authorised to operate as an investment business firm or investment firm in Ireland.This scam firm cloned details of a legitimate FCA authorised firm, Research Vision Limited, in order to deceive consumers.There is no connection between the legitimate firm and this fraudulent entity.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Warning:Unauthorised Investment Firm / Investment Business FirmUnauthorised Firm NameCompare Bonds LtdWebsitehttp://www.comparebondrates.eu/Email address usedinfo@bondratecompare.comAuthorisation in IrelandCompare Bonds Ltd is not authorised to operate as an investment business firm or investment firm in Ireland.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Warning:Unauthorised Banking Business / Unauthorised Payment ServicesUnauthorised Firm NameFire Financial Services Limited (CLONE)Website Addresses used• www.financeportfolio.net • www.fire.com.de • www.centralbank.ie.de • www.revenue.ie.de • www.department-of-finance.ie.deEmail address used• accounts@compliance-fire.com• fire-support@fire.com.de• fire.support@fire.com.de• support@fire.com.de• fire-eu@fire.com.de• fire@fire.com.de• info@fire.com.de• fireservices@fire.com.deTelephone Numbers used• +1 646 583 2475• +353 1 4378512• +353 1 224 6000• +353 4 671 6561• +49 160 249 76 46• +353 12337826Authorisation in IrelandFire Financial Services Limited (CLONE) is not authorised to provide banking business or payment services in Ireland.The unauthorised firm has used the name, address and Central Bank of Ireland Authorisation Number of the legitimate firm, in order to deceive consumers.There is no connection between the legitimate Central Bank authorised firm, Fire Financial Services Limited (C58301) and this fraudulent entity.Additional InformationThe unauthorised Clone Firm appear to be engaged in an inheritance scam, whilst using fake documentation, allegedly from third parties.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Good morning and welcome to the launch of our first Financial Stability Review of 2026. During 2026, risks facing the domestic financial system from the global environment have intensified. In 2025, the origin of external risks related primarily to swings in global trade policy. This year, the origin relates to the pricing, and the sustainability of global energy supplies, following the start of the war in the Middle East. This shock, coming less than a year after the previous trade shock, and with no immediate sign of a resolution, increases the potential for tail systemic risks. The global growth outlook has weakened, while inflationary pressures have increased. Financial markets have continued to function in an orderly manner, although the contained reaction, has been noticeably at odds with economic narratives, on the increasing risks posed by a prolonged energy price shock. This enhances the risk of a sudden tightening of global financial conditions, with a wider reappraisal of risk, amplifying any economic downturn. The growing role of highly leveraged, global, non-bank financial intermediaries in key financial markets compounds this amplification channel. If the conflict persists for longer-than-expected, the economic and financial consequences could trigger the simultaneous materialisation of one, or more, preexisting risks. Growing sovereign debt limits fiscal capacity to absorb the materialisation of such shocks. Such pressures come at a time, when governments must also continue to adjust to new trading norms, and build long-run productive capacity, including preparing for the climate transition.  Additionally higher yields and uncertainty in sovereign bond markets can, in turn, impact broader financial conditions.  Prior to the war, other fragilities were already apparent across the international financial system and remain relevant. High valuations for AI-related stocks, buoyed by strong reported earnings, raise the potential for a market correction, or sector-level disruption, if the global macro-financial outlook deteriorates or if earnings disappoint. The increasing use of debt and circular deals to fund large AI investment plans further raise financial stability concerns. Additionally private and public credit markets are being used by software and AI companies creating contagion channels across sectors and markets. Private credit markets, themselves, are also subject to much scrutiny at present, particularly in the United States. Such markets provide finance outside of traditional channels but are opaque, and concerns on valuations, asset quality and liquidity have led to a spike in redemptions in some US private credit funds. A marked slowdown in global economic activity combined with tighter financial conditions could trigger a reappraisal of risk pricing in either AI-related investment or in private credit markets, or in both given the interlinkages.  Further, heightened geopolitical tensions and rapid developments in artificial intelligence create an evolving cybersecurity landscape. The financial system has bolstered its operational resilience in recent years but will need to continue to evolve with technological changes to ensure limited disruption to core financial services, which could have wider economic consequences.Therefore, our assessment is that the risks posed by the external environment remain elevated and have intensified since the last Review. {The European Central Bank also releases its Financial Stability Report this morning and similarly highlights that financial stability vulnerabilities in the euro area remain elevated.}Countering these higher external risks, is the accumulated resilience currently evident across the domestic financial system, with strong aggregate balance sheets and modest leverage. Growth in the underlying domestic economy, in tandem with strong performance of the internationally orientated multinational sector, has provided a strong buffer in recent years. But an uncertain external environment creates risks to the outlook. We will be presenting our next Quarterly Bulletin in June with our updated economic forecasts. Any fiscal response to deal with the distributional consequences of the current energy shock needs to be time bound and tailored to those most affected. From a financial stability perspective, sustainable fiscal policy is needed to support broader macro-financial resilience.  The Central Bank, through our prudential policies and guidance, promotes the preservation of financial system resilience, to both traditional financial risks and emerging non-financial risks. Continued focus on operational resilience, prudent lending standards and maintaining buffers of loss-absorbing capital and liquidity remain important foundations for limiting the amplification of external shocks through the financial system. Based on internal estimates, the domestic banking system has limited direct exposures to core private credit activities or to US large technology company equities. However, the sector would not be immune to second-round effects from shocks in these markets, or to a deterioration in borrower resilience if economic conditions worsen. Therefore, we are maintaining the Countercyclical Capital Buffer rate at 1.5 per cent to preserve resilience.  Finally, these uncertain times with many potential cross-border systemic risks, underscore the importance of preserving the core benefits of global regulatory standards and maintaining international financial stability cooperation.  Our Director of Financial Stability, Mark Cassidy, will now cover the assessment underpinning the main messages of our Financial Stability Review.

Risks to Ireland's financial system from the global environment have intensified, Central Bank of Ireland has said today.The Financial Stability Review, published today, assesses the risks to and resilience of the Irish financial system. A persistent global energy supply shock triggered by the conflict in the Middle East, the risk of a correction in financial markets, potentially amplified by financial vulnerabilities in parts of the global non-bank sector, and increasing cyber risks could create challenges for Ireland. If the conflict persists for longer than expected, there is the potential for more than one vulnerability to be triggered at the same time.Today’s review emphasises that Ireland's financial system is starting from a position of strength, but that resilience must be protected. The conflict in the Middle East has disrupted global energy supplies. If it intensifies or continues for longer, it will push up inflation, slow economic growth and increase costs for Irish households and businesses. Ireland's dependence on imported energy and international trade means the country is particularly exposed to these global developments. Valuations in the artificial intelligence sector have reached high levels, with an increasing amount of investment in the sector funded by debt. Any reassessment of the sector could have wider economic effects. Growing use of private credit markets to fund AI and tech companies creates additional risks. Cyber risks are also increasing with heightened geopolitical tensions and rapid developments in AI capabilities.  The evolving cybersecurity landscape requires continued strengthening of operational resilience capabilities by the financial system.The Government’s finances remain strong, but there are underlying vulnerabilities. Budget surpluses depend on corporation tax revenues. Without these receipts, the budget balance is projected to remain in deficit, leaving the State exposed if the global economy weakens or multinational activity is affected. Commenting on the publication, Governor Gabriel Makhlouf said: "Ireland's financial system and economy have shown remarkable resilience through multiple crises in recent years. However, the world is in an extraordinary period of change. While we start from a strong position, today’s report shows Ireland faces intensified risks from the global environment. These include the energy shock, high valuations vulnerable to adjustment, and cyber and AI threats. “A sustained energy shock could intensify cost pressures for businesses and households. While the domestic economy is expected to continue growing, this will be modest growth, and it will have less room to absorb shocks. “This is why preserving resilience is so critical right now. Strong capital buffers in our banks, prudent lending standards, and robust operational defences are essential to ensure the financial system continues to serve households and businesses. In an environment where growing global debt has reduced many countries' capacity to respond to shocks, prudent fiscal management is more important than ever.”  ENDSFurther informationMartin Grant: martin.grant@centralbank.ie / + 353 86 078 7868Media Relations: media@centralbank.ie Notes to EditorView the Governor’s opening remarks.View the Financial Stability Review, May 2026 report.

1We are at the early stages of a potential technological rewiring of finance. Fast-forward ten or twenty years, and it seems likely that the use of shared, programmable ledgers – and the tokenisation of financial assets – will have become embedded across the financial system. Today, we stand at a juncture. The question is less whether the technology will transform finance. Rather, it is how we collectively shape this ongoing transition, so that the potential of tokenised finance is realised, from the perspective of households, businesses and the broader economy. Central banks are not just observers of this evolution, but active participants, providing many of the enabling foundations for the private sector to innovate responsibly. So today I want to outline how the Central Bank of Ireland is approaching the emergence of tokenised finance.  The transformative potential of tokenised financeLet me start by recognising the transformative potential of the technology. At its core, the modern financial system relies on a system of ledgers. Every bank deposit, every security, every loan is recorded on a ledger maintained by a financial intermediary. And most financial transactions ultimately rely on well-established – but also complex and costly – processes for updating and reconciling those ledgers across financial institutions. Tokenisation – and the use of distributed ledger technology in finance – supports two core innovations. First, it enables a shift to shared ledgers that different parties can simultaneously agree on and update. Second, it enables programmability of transactions, with the shared ledgers not just containing a record of ownership, but also information that enables the execution of transactions based on pre-defined conditions.While these innovations relate to the underlying ‘plumbing’ of finance, their implications go far beyond that. Tokenisation offers the potential for real-time or near-instant settlement in markets, reduced counterparty exposure, 24/7 system availability and lower operational costs. Together, these can make financial services substantially more efficient, with ultimate benefits for households and businesses in terms of cost, speed and availability. But the potential of tokenisation goes beyond efficiency of existing services. It can also support the emergence of entirely new services, meeting the evolving needs of households and businesses. Smart contracts, for example, have a range of possible applications in wholesale markets and in retail financial services.  Tokenisation can also deliver an additional way to achieve fractionalisation of assets, broadening retail participation in capital markets. And, as with all technological innovations, it is likely that tokenisation can lead to the emergence of services that we may not even have thought about today. Market interest in tokenisation is growing rapidly. Financial institutions globally are building capabilities, piloting use cases and investing in the underlying infrastructure. In a recent Eurosystem ad hoc questionnaire, respondents expected tokenisation to become the dominant venue for asset issuance, settlement and trading within the next decade. Chart 1: Market participants expect tokenisation to scale over the next decadeSource: Eurosystem Survey on “Trends and Adoption of Tokenisation”. Notes: Survey respondents were asked the following: “When do you expect tokenised markets to become the dominant venue for asset issuance, settlement, and trading?”. Total number of respondents was 52.In practice, of course, we are still at the very early stages of this evolution. Tokenised real-world assets on public blockchains, for example, increased more than threefold over the past year, but still represent a tiny share of global financial assets.Chart 2: Real-world assets on public, permissionless chains have grown rapidly, but are very small stillSource: rwa.xyz.Navigating the transition towards tokenised finance In thinking about how we collectively navigate this transition, it is important to recognise two realities upfront. First, that this is a system challenge, requiring coordination across the sector. And, second, that we do not have certainty over what the precise configuration of the financial system in the future will be. Let me briefly cover each.A system-wide evolution…Technology, in and of itself, will not deliver the benefits of tokenisation for users of financial services. We know that from history. Past transformative technologies only realised their potential when entire systems adapted around them. Railways required common track gauges and standard time keeping. The telegraph required coordination around signalling and traffic.2 Tokenisation in finance is similar. For example, to unlock the true potential of tokenised finance, it is important to consider jointly the tokenisation of assets and money. Any financial transaction requires a cash leg, so both are essential foundations of a DLT-based ecosystem to flourish. That, in turn, requires an evolution in both private and public forms of money. In addition, for the benefits of tokenisation to be realised, interoperability across systems, networks, and jurisdictions will be essential. If that is not there, we may see a costly and inefficient fragmentation of liquidity across markets. So, a systems lens is required for tokenised finance to scale and deliver on its potential. No individual market participant can, on their own, transform finance. The entire ecosystem needs to evolve and adapt, if we are to avoid a fragmented, siloed, riskier landscape in the future. …with uncertainty around the future end-state.Beyond being a systems challenge, it is also important to recognise that we do not know with certainty what the precise configuration of the financial system in the future will be. Tokenisation has the potential not just to rewire the technological underpinnings of finance, but also reshape the structure of the system itself. Let me illustrate this point with three examples, which – in my view – are particularly macro-relevant.The evolution of private moneyThe first relates to the evolution of private money. A key feature of the DLT-driven innovation to date has been the emergence of new forms of private money-like assets in the form of stablecoins.Chart 3: Stablecoins have grown markedly, acting as the key instrument for setting transactions on-chainSource: rwa.xyz.Stablecoins are currently the main settlement asset of DLT-based transactions and, increasingly, are being used for broader purposes, such as cross-border payments.3Stablecoins offer many of the technological benefits of DLT-based infrastructures. But they also entail a higher risk of deviation from par.4 And, especially if issued by non-banks, they can also lead to a substitution away from retail deposits issued by the banking system, with macrofinancial implications. Recent ECB research, for example, has found that large-scale substitution of retail deposits into non-bank stablecoins could weaken the transmission of monetary policy, affecting bank lending to firms and households.5Tokenised bank deposits are another DLT-based form of private money. 6 They can harness the technological benefits of DLT, within the existing two-tier monetary architecture. And, because of that architecture, they do not pose the same risk in relation to deviation from par. They also better support the credit creation mechanism, especially in bank-based financial systems.Looking into the future, it seems likely that different of forms of private money will co-exist. That is also the case now, with usage depending on consumer preferences and the offerings provided by the financial system. Underpinning that co-existence, of course, is trust that a unit of currency has the same value regardless of who issues it. Indeed, most people do not experience any difference between different forms of private money. As we navigate the evolution of private money, maintaining that core foundation is essential.The shape of the capital markets ecosystemThe second dimension relates to the shape of the capital markets ecosystem. Tokenisation may significantly alter the role of established and regulated intermediaries – such as CSDs, custodians, or clearing houses. Certain functions currently conducted by such intermediaries may be embedded directly into smart contracts or distributed ledgers. While this can reduce operational frictions, it may also reallocate roles and activities away from institutions subject to regulatory and oversight frameworks toward technological components. At the same time, tokenised capital markets may become increasingly dependent on new entities – such as validators, oracles or bridge operators – whose activities could become increasingly systemically relevant. The reshaping of the capital markets ecosystem also represents an important opportunity, especially for Europe. The European capital markets landscape emerged organically out of countries’ domestic infrastructures. This has resulted in a fragmented landscape of clearing and settlement systems. As the tokenised capital markets ecosystem develops, a guiding principle should be supporting the deepening and integration of European capital markets. The configuration of the DLT infrastructureA final important question relates to the future configuration of the underlying DLT infrastructure itself. In recent years, we have seen the development of a growing number of underlying DLT platforms. There are different conceivable architectures for a future DLT ecosystem. Will we end up with a small number of underlying DLT platforms consolidating much of the on-chain activity, or will there be more competition at the infrastructure level? Similarly, will most of the future on-chain activity be on permissioned DLT networks, or is there a future in which public, permissionless platforms become increasingly prevalent for the tokenisation of real-world assets?These remain open questions still. And the different configurations matter for ultimate economic outcomes: competition and innovation at the infrastructure level; the integration of liquidity across markets; governance and accountability, as key enablers of resilience. What is clear, though, is that any ultimate configuration needs to ensure interoperability, prevent fragmentation and maintain strong and accountable governance of the core infrastructures supporting finance.How the Central Bank is responding Let me now turn to how the Central Bank – as part of the Eurosystem and the European System of Financial Supervision – is approaching the emergence of tokenised finance. To be clear upfront, our overall stance is positive. We very much recognise the benefits it can offer for consumers of financial services and the economic opportunities it can unlock. Nevertheless, this is not a predetermined outcome. Broader foundations – beyond technology – need to be there for that to happen. Our contribution centres around providing several of these foundations, so that the system can realise the benefits of tokenisation, while managing risks. Evolution of central bank moneyA key dimension of our response is the evolution of central bank money. In any economy, central bank money is the safest, most liquid financial asset, acting as an anchor of stability for the financial system and the broader economy. As finance shifts to a tokenised infrastructure, it is essential that central bank money continues to play that role.  We are working to ensure that central bank money remains fit for the digital age, both at a wholesale and a retail level.On the wholesale side, the Eurosystem has been progressing an important project to enable settlement of DLT-based transactions in central bank money. The initial launch phase will be later this year, making the Eurosystem amongst the earlier major central banks in the world to enable such an outcome.7 The exploratory work that preceded this project demonstrated a strong appetite from the market for such a foundational response. Ensuring that wholesale DLT-based transactions can settle in central bank money is a key enabler for the broader tokenised ecosystem to scale effectively and safely. On the retail side, the Digital Euro project is progressing at pace.  While not relating to DLT infrastructures per se, the objective of the Digital Euro is very clear: to give citizens and businesses a reliable, public, digital form of money that works anywhere in the euro area, complementing cash. That will also preserve the role of central bank money as the anchor of the retail payments system. As part of the Eurosystem, we are contributing to the design of, and preparation for, the Digital Euro. And, in the second half of this year, we will be supporting our colleagues in the Department of Finance as they lead the negotiations to progress the Digital Euro legislation during Ireland’s presidency of the Council of the EU.Acceptance of DLT-based assets as eligible collateralA second dimension of our response relates to the acceptance of assets as collateral in our monetary policy operations, which research has shown can have a positive effect on market functioning.8 In March, the Eurosystem took a first step in that direction by starting to accept marketable assets issued in central securities depositories using DLT.9 And we have launched an ambitious workplan to explore if, how and under what criteria assets issued using DLT – and not represented in eligible securities settlement systems – could become eligible as Eurosystem collateral in the future. This reflects the Eurosystem’s continued commitment to encouraging innovation and technological progress, enhancing market efficiency, and contributing to the integration of European capital markets.A responsive approach to regulation, supervision and oversightA third dimension of our response relates to our approach to regulation and supervision, which has been – and continues to be – responsive to the innovation we are seeing in finance. The regulatory framework itself has already adapted to the growth of digital assets, with the introduction of MiCAR in Europe. The Central Bank is the National Competent Authority for the authorisation and supervision of MiCAR entities in Ireland. We have put in place a well-resourced and expert team to authorise and supervise these new entities. With tokenisation becoming increasingly embedded in finance, it will also become increasingly relevant to all aspects of our supervisory work – as demonstrated, for example, by last week’s announcement by two retail banks to join a consortium of European banks issuing a stablecoin. The Central Bank’s Innovation Sandbox is another example of our responsive approach to regulation and supervision. It provides a structured environment for firms to develop and test innovative financial products and services in close dialogue with us.  It allows us to build insights into how these technologies work in practice, and to consider their implications for consumers, for market integrity, and for financial stability. This year’s sandbox, focused on innovation in payments, already includes initiatives that deploy DLT applications. And I expect that future iterations of the sandbox will continue to explore tokenisation in finance. We also recognise that there may be areas where the regulatory framework may need to adapt. This is one of the reasons we issued our Discussion Paper on tokenisation in March.10 Amongst others, we want to understand whether there are any specific elements of the current Irish or EU regulatory or legal frameworks that need to evolve, to remain fit for purpose as tokenisation scales across the financial system. The deadline for response to the Discussion Paper is next week, and we want to hear from a wide range of stakeholders.A catalysing roleFinally, a somewhat subtler, but still important, part of our response is acting as a catalyst for the system to co-ordinate towards better outcomes from a public policy perspective. In Europe, we do this through our contribution to the Eurosystem’s work to develop a longer-term vision for a European tokenised financial ecosystem.11 That work will entail significant engagement with the private sector – and I urge many of you in the room to grasp these opportunities as they become available. Because, ultimately, designing the future ecosystem relies on an effective public-private partnership. Domestically, we do this through the Central Bank’s ‘convening power’ and active engagement with market participants via different fora – such as the Irish Retail Payment Forum or the Financial Industry Forum. These offer opportunities to identify areas where engagement and collaboration across different parts of the ecosystem could lead to better outcomes from a public policy perspective. ConclusionLet me conclude here. We are at a pivotal moment in the next wave of a technological rewiring of finance. Done well, tokenisation has the potential to both make finance more efficient as well as to lead to the provision of new, innovative services to meet the evolving needs of households and businesses.But that is not a predetermined outcome. At the Central Bank, we are setting core foundations to enable that: central bank money as the system's anchor; regulation that is adaptive, and continues to safeguard financial stability, safety and soundness, consumer protection and market integrity; and coordination across the ecosystem to avoid fragmentation. The shift towards tokenised finance is an opportunity for Europe and for Ireland to strengthen our financial system so that it supports the broader economy into the future. And it is an opportunity we need to collectively grasp. Thank you for listening this morning and I look forward to continuing the engagement on this important topic over the coming months and years. [1] I am very grateful to Seán O’Sullivan, Anne Marie McKiernan, Mícháel O’Keefe, Ray O’Connell, Rosemary Hannah, Gillian Phelan, Patrick Haran, Reamonn Lydon and Gavin Ó Ceallacháin for their advice in preparing these remarks.[2] See, for example, Spar (2001) ‘Ruling the Waves: Cycles of Discovery, Chaos, and Wealth from the Compass to the Internet’, Harcourt Trade Publishers.[3] See, for example, Adrian et al (2025) ‘Understanding stablecoins’, IMF Departmental Paper, and Barta et al (2026) ‘Stablecoin payments: the truth behind the numbers’.[4] See, for example, Kosse et al (2023) ‘Will the real stablecoin please stand up?’, BIS Papers.[5] Altavilla et al (2026) ‘Stablecoins and monetary policy transmission’, ECB Working Paper.[6] See, for example, G30 (2026) ‘The past and future of money: new technologies and economic risks’, and Lagarde (2026) ‘Stablecoins and the future of money: separating functions from instruments’.[7 See, for example, Cipollone (2025) ‘Innovating for stability: central bank money in the digital era’, and more information on the Pontes project.[8] Pelizzon et al (2024) ‘Collateral eligibility of corporate debt in the Eurosystem’, Journal of Financial Economics, Volume 153.[9] See ECB paves way for acceptance of DLT-based assets as eligible Eurosystem collateral.[10] Central Bank of Ireland (2026) ‘DLT and tokenisation in finance services, Discussion Paper.[11] ECB (2026) ‘Appia – paving the way for a future-ready, integrated financial ecosystem leveraging tokenisation and DLT’. 

Good afternoon and thank you for the opportunity to speak to you today. It is great to see the energy and commitment to the credit union movement evident here today and reflected in your agenda for today’s conference.1Today’s event is especially timely, coming not long since Minister Troy’s announcement in April of the Credit Union Strategy Project, which provides an opportunity to future proof the credit union sector to overcome challenges and meet opportunities. The Central Bank welcomes the opportunity to support this project, which will build on recent reforms including the Credit Union (Amendment) Act 2023 and revised Central Bank lending regulations that introduced expanded capacity for house and business lending.2The Credit Union Strategy Project is focused on the future. So too will be my remarks today. The Role of Credit Unions in Ireland's Financial SystemCredit unions occupy a distinctive and valuable place in Ireland's economic landscape. You provide financial services to 4.25 million members across the island of Ireland. You support local economic activity and the full arc of members' lives.You represent a significant part of our financial system – and one we at the Central Bank must continue to look at through a systemic lens. This requires that you too think systemically as you develop your community finance model to support your members’ needs.This community finance model also includes credit unions working together through shared service organisations (CUSOs). The Central Bank will shortly commence a consultation process to establish a regulatory framework to further support the development of these CUSOs.We should all want to see a sector of this scale be strong, trusted and sustainable. This means a credit union sector that is financially sound, well-governed and capable of properly managing risk. It means a sector that protects members' interests and contributes to financial stability. It also means a credit union sector that is positioned to deliver the services members want to a standard they expect and in an increasingly digital landscape. The Changing Digital LandscapeCredit unions have adapted before to meet members' needs. I am sure you will look to now do so again in the face of the digital transformation underway. I have heard that your message to members is “we’re digital when you want it, but human when you need it”.3 This is a powerful message and one I applaud.But the pace and scale of change now being driven by technology is more profound than in the past. It is reshaping services and consumer expectations, as well as opening up new options to consumers for information, advice and financial services that simply did not exist before.At a societal level, it is also transforming the traditional ideas of community.  To put it bluntly, it is no longer just the local bank you are competing with. In order to grow within this landscape, credit unions will have to continue to mature to meet member demand, operational necessities and regulatory requirements.  Today, I want to put two thoughts in your mind as you look to the future of your movement:First, the role of the Consumer Protection Code in supporting the evolution of the credit union movement, designed as it was with this digital landscape specifically in mind.Secondly, the more prominent role I believe credit unions could play in supporting their members’ financial literacy and broader financial wellbeing during a period of great change. The Consumer Protection Code – rules tailored for a more digital age Our modernised Consumer Protection Code (CPC 2025) was published in March 2025 and came into force on 24 March 2026. As you will know, the Code applies to credit unions when providing certain services, such as selling insurance. But it does not apply to credit union services more generally. This means credit union members do not always have the same statutory protections as bank customers – for example, when taking out a mortgage.  That position is set to change with the application of the modernised Consumer Protection Code to the full breadth of credit union activity. We are in the process of concluding our assessment of the submissions received in our public consultation on the application of the Code to credit unions.  I thank the Irish League of Credit Unions for their thoughtful submission which has been helpful in informing our thinking. This brings me to the central theme of my remarks today – a modernised Code for a modernising credit union movement. Because one of the aspects of the revised Code that you may or may not have focused on is that it has been tailored to be fit for purpose in a landscape that is more digital and has a wider variety of firms providing day to day financial services and advice. I suggest to you therefore that the new Consumer Protection Code is custom made for a credit union sector looking to expand its services in a more digital landscape while retaining its core values. To take a few examples: The new Code places “Securing Customers' Interests” at its heart. An emphasis on serving, securing and protecting members interests is not a novel concept to credit unions, given the sector’s guiding principle of being not for profit, not for charity, but for service. The new Code recognises the vulnerabilities consumers may face in different situations, as well as the scope for financial abuse in our communities. Being at the centre of communities enables credit unions to understand a vulnerable member’s needs, and interact in an empathetic and understanding manner.The new Code moves us from a standard of simply disclosing things to one of ‘informing effectively’. Credit unions consistently rank highest in public surveys on trust and reputation. These scores are underpinned by strong communication flows between credit unions and their members.Finally, the new Code imposes obligations to ensure digital services are designed and implemented with a customer focus, with transparency about how data is used, and to maintain robust systems to guard against cyber risks. Credit unions have been careful to continue supporting members through technological change. ImplementationOf course, these regulatory reforms will only be as good as their implementation. Implementing the Consumer Protection Code will require effort. We've undertaken a costs and benefits assessment, and we've heard from credit unions about the resources required. It tells us that the costs are manageable, not least taking into account the extent to which credit unions’ practices already align with many of the Code’s principles. And yes, the Central Bank will support credit unions in their implementation of the Code as we did for its coming into force for other sectors in March of this year. We see the Consumer Protection Code as the beginning of a living regime rather than the end of reform. The pace of change will continue. Digitalisation will accelerate. New products will emerge. AI will become more sophisticated. Climate impacts will intensify. We will continue to listen and adapt. As a framework for credit unions, the Code is custom made for such an evolving landscape, with its combination of broad future-proofed principles coupled with more detailed provisions in areas where our rulebook is more mature (such as mortgages).The application of the Consumer Protection Code to the full suite of credit union activities represents a defining moment in the growth of the credit union movement. It recognises the credit union as a professional provider of regulated financial services on a par with other financial institutions providing the same services – while leaving it open to credit unions to develop their business model to suit their members’ needs. Financial LiteracyThe second theme I want to speak to you about today is that of financial literacy and broader financial wellbeing – where I believe credit unions could play a greater role.  The Credit Union Act 1997 requires you to train and educate members in the use of money. This statutory obligation reflects something fundamental: financial capability matters, and credit unions have a responsibility to build it. The Central Bank, for its part, is supporting financial literacy through Ireland's National Financial Literacy Strategy. The credit union sector has been identified as having a key role to play to deliver concrete change and improved financial literacy in those groups with lower levels of financial literacy and younger people generally. The Strategy recognised the ‘Start Money Smart’ initiative developed by ILCU as a positive case study in promoting financial literacy in primary schools. Further objectives from the Strategy include a strengthening of consumer understanding of credit and debt, which ILCU affiliated credit unions are providing through their “Clued In” education program that is targeted at second level students. When considering financial literacy, it is important to recognise that we don't want a population that understands financial concepts for the sake of it. We want a society that has the resilience to withstand economic shocks, the confidence to secure its own financial future, and a financial system that supports consumers to achieve their own financial wellbeing.4 Credit unions are uniquely positioned to foster this. The provision of budget account services to members is an example. And there's scope to do more. You can educate members to ensure they understand financial products and services and make informed choices. You can support both financial literacy and financial wellbeing and I know that you feel passionate about this. This isn't peripheral to your mission: it is a central tenet of it.The evidence is there that there are some things we learn better face-to-face. Your movement’s commitment to human-to-human interaction in the delivery of your services provides a unique opportunity for you to play this role in our society – to join up financial education, financial services and an overall conversation on your members’ financial wellbeing in your communities. I encourage you to consider the evolution of your movement through this lens. ConclusionCredit unions retain an important role in Ireland's domestic financial system. You serve people in their everyday lives in communities across the country. You support local economic activity and provide financial services with a human dimension in an increasingly digital world.I can see that credit unions are working to evolve in ways that bring real benefits to members. The Consumer Protection Code is designed to support that evolution - to provide a framework that guides you and protects your members as you expand into new products and delivery channels, consistent with other financial service providers. The Central Bank is committed to supporting credit unions through its implementation of the Code. We will engage with you on topics or aspects you wish to discuss. We will listen to your concerns. And we will work with you to ensure that credit union members receive the protections they deserve – modern protections for a modernising credit union movement.Thank you for the opportunity to speak to you today. I wish the Irish League of Credit Unions well for the rest of its Conference. I hope my remarks will be helpful to your discussions today and into the future. [1] My thanks to Eoin Sheanon and Eamon Clarke for their help in preparing these remarks.[2] Credit Union (Amendment) Act 2023 and revised Central Bank lending regulations that introduced expanded capacity for house and business lending[3] How are Credit Unions Different?[4] View a discussion on the interplay of financial education and financial wellbeing 

Governor of Central Bank of Ireland Gabriel Makhlouf today (Tuesday 19th May) spoke at the AFME Annual European Financial Integration conference, where he called for a more ambitious approach to Europe’s Single Market, arguing that greater integration in goods, services and capital is essential to enhance European competitiveness and resilience. The Governor outlined two primary conditions for building a genuine single capital market: completing the regulatory architecture and establishing a single safe asset.  “The Single Market is one of Europe's greatest political and economic achievements and has already raised EU GDP by 3-4%. Completing it could double these gains, bringing greater growth, greater resilience and greater opportunities for the citizens of Europe.” Governor Makhlouf said. “The single market for capital cannot be separated from the single market for services. The cost of this unfinished project falls on every business, every household, and every citizen in Europe.”He also acknowledged the demand-side challenges to capital market development, including uneven tax treatment, financial literacy and cultural norms.“Europe cannot build a single capital market if its citizens are not active participants in it. Progress on the demand side will not be swift – changing cultural attitudes to investment is not something that moves quickly – but it needs to start.”Governor Makhlouf stressed the critical role of national governments in delivering the Single Market agenda, pointing to Ireland’s recent launch of a comprehensive national framework for Single Market implementation, pension auto-enrolment, legislating for a Personal Investment Account framework by 2027and a retail investment tax roadmap.Commenting on the role of central banks in maintaining and deepening capital markets, the Governor said “There is broad agreement that Europe needs more convergent supervision. Convergence in outcomes is what matters. Regulating well also matters.  Simplification for us at the Central Bank of Ireland means implementation before legislation: simplify the application of existing rules before layering on new ones. Simplification is not the enemy of robust regulation. Done properly, it is what makes robust regulation credible and durable.”Concluding, Governor Makhlouf said “We have seen that Europe can, when it chooses to, build common instruments that work.  The starting point for doing that well is to avoid thinking in boxes or silos but consider the bigger picture that can deliver a genuine single market in goods, services and capital.”ENDS