Warning: Unauthorised Investment Firm / Unauthorised Investment Business Firm Unauthorised Firm Name Aberdeen Limited Website address https://aberdeen-ltd.com Email address(es) used ·       info@aberdeen-ltd.com·       darren.oreilly@aberdeen-ltd.com Phone number(s) used ·       +44 20 39251451·       +44 (0) 123 4567·       +353 1 513 4804   Authorisation in Ireland Aberdeen Limited is not authorised to provide investment services in Ireland. Additional information Aberdeen Limited reaches out to consumers directly via phone and email seeking to sell fake investment products, using this document:·       Brochure_Bond_Investment_Guide_Aberdeen_Limited.pdf:  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 / Unauthorised Investment Business Firm Unauthorised Firm Name Aberdeen Limited Website address https://aberdeen-ltd.com Email address(es) used ·       info@aberdeen-ltd.com·       darren.oreilly@aberdeen-ltd.com Phone number(s) used ·       +44 20 39251451·       +44 (0) 123 4567·       +353 1 513 4804   Authorisation in Ireland Aberdeen Limited is not authorised to provide investment services in Ireland. Additional information Aberdeen Limited reaches out to consumers directly via phone and email seeking to sell fake investment products, using this document:·       Brochure_Bond_Investment_Guide_Aberdeen_Limited.pdf:  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 / Unauthorised Investment Business Firm Unauthorised Firm Name Aberdeen Limited Website address https://aberdeen-ltd.com Email address(es) used ·       info@aberdeen-ltd.com·       darren.oreilly@aberdeen-ltd.com Phone number(s) used ·       +44 20 39251451·       +44 (0) 123 4567·       +353 1 513 4804   Authorisation in Ireland Aberdeen Limited is not authorised to provide investment services in Ireland. Additional information Aberdeen Limited reaches out to consumers directly via phone and email seeking to sell fake investment products, using this document:·       Brochure_Bond_Investment_Guide_Aberdeen_Limited.pdf:  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

 The Central Bank of Ireland has today (Thursday 19 December 2024) announced the establishment of a dedicated Fitness and Probity Unit.The fitness and probity regime is a critical element of financial regulation; protecting the public interest by ensuring that people who work in key positions in a financial firm are competent and capable, honest, ethical and of integrity and financially sound.  Since 2020 the Central Bank of Ireland has approved appointments to more than 11,000 roles under the regime.Speaking today, Governor of the Central Bank of Ireland Gabriel Makhlouf said: “The Enria report, published in July 2024, identified several key areas for improvement in our operation of the fitness and probity regime.  We accepted the findings of the report and have used them as a basis for implementing reforms to enhance the regime’s overall effectiveness. We also committed to implementing the reforms as early as possible and before end 2024.“Today’s announcement of the establishment of our new dedicated Fitness and Probity Unit within the Bank is a key element of this programme of reform.  “However, we recognise that this is only a first step towards delivering a fitness and probity gatekeeping process aligned with the spirit and approach of the report.  As such, work will continue in implementing and delivering a regime which supports supervisory judgement, while delivering robust, fair and transparent processes.“The new unit will be staffed from within our existing complement by experienced regulators from across the Bank."“Our strategic plan committed to transforming our approach to regulation and supervision – this process is ongoing and our new operating structure, including the dedicated fitness and probity team, will be in place from the start of the new year.” ENDS

 The Central Bank of Ireland has today (Thursday 19 December 2024) announced the establishment of a dedicated Fitness and Probity Unit.The fitness and probity regime is a critical element of financial regulation; protecting the public interest by ensuring that people who work in key positions in a financial firm are competent and capable, honest, ethical and of integrity and financially sound.  Since 2020 the Central Bank of Ireland has approved appointments to more than 11,000 roles under the regime.Speaking today, Governor of the Central Bank of Ireland Gabriel Makhlouf said: “The Enria report, published in July 2024, identified several key areas for improvement in our operation of the fitness and probity regime.  We accepted the findings of the report and have used them as a basis for implementing reforms to enhance the regime’s overall effectiveness. We also committed to implementing the reforms as early as possible and before end 2024.“Today’s announcement of the establishment of our new dedicated Fitness and Probity Unit within the Bank is a key element of this programme of reform.  “However, we recognise that this is only a first step towards delivering a fitness and probity gatekeeping process aligned with the spirit and approach of the report.  As such, work will continue in implementing and delivering a regime which supports supervisory judgement, while delivering robust, fair and transparent processes.“The new unit will be staffed from within our existing complement by experienced regulators from across the Bank."“Our strategic plan committed to transforming our approach to regulation and supervision – this process is ongoing and our new operating structure, including the dedicated fitness and probity team, will be in place from the start of the new year.” ENDS

Modified Domestic Demand expanded by just over 3 per cent over the first nine months of 2024. It is forecast to grow by 3.1 per cent in 2025 and 2.5 per cent on average in 2026 and 2027.Households’ real incomes continuing to rise, with inflation expected to remain below 2 per cent on average over the forecast horizon. The possibility of escalated global trade tensions is rising, presenting significant downside risks to the public finances and the Irish economy.The Central Bank has today (17 December 2024) published its fourth and final Quarterly Bulletin of 2024. On the launch of the Quarterly Bulletin, Robert Kelly, Director of Economics and Statistics said: “The domestic economy has managed to grow at a steady pace in 2024, supported by an expansionary fiscal stance and weaker external inflationary pressures. The central outlook for the domestic economy is favourable going into 2025.  However, with the economy operating above its potential, Ireland’s current infrastructural constraints will limit further sustainable growth. These constraints add to the structural vulnerabilities in the economy and public finances, making the near-to-medium term outlook exceptionally sensitive to global economic developments.”“The ability to sustainably deliver infrastructure is especially important in a small open economy like Ireland’s in order to maintain incentives for foreign investment. With the rising risk of geoeconomic fragmentation, and the extensive trade and investment links between Ireland and the US, the Irish economy would be particularly susceptible to changes in US policy on trade and tax.”  “While specific policy actions of the incoming US administration are yet to emerge, higher tariffs or changes in tax regimes that reduce the profitability of US MNEs operations in Ireland could influence future investment decisions by those companies here, employment levels in their Irish operations and, most immediately, the related tax receipts to the Irish exchequer from their activities in Ireland and globally. A dependence has emerged on the substantial corporation tax receipts of recent years, linked to the activities of US MNEs. Only one third of the estimated excess corporation tax receipts are being diverted to the long-term savings funds to address needs in terms of infrastructure, climate and ageing, with the remainder financing within-year Government expenditure.”Modified Domestic Demand expanded by just over 3 per cent over the first nine months of 2024, with employment growing by 2.8 per cent. This follows a similar pace of expansion in 2023. With the unemployment rate averaging 4.5 per cent for almost three years, the economy is at full employment and overheating risks are present. Growth in residential construction stalled in 2024 but is projected to pick up in 2025 based on the large number of housing commencements registered this year. The government’s budgetary stance continues to add demand to the economy. Combined with further growth in consumer spending as gross disposable incomes rise, these elements underpin the outlook for overall MDD which is forecast to grow by 3.1 per cent in 2025 and by 2.5 per cent on average in 2026 and 2027. The MNE-dominated sector is adding to overall economic growth in 2024 through the strength of pharmaceutical and ICT services exports. Although external demand conditions are weak by long-run historical comparison, net exports are projected to support economic activity out to 2027. Externally influenced price pressures have substantially waned with domestically-driven services inflation becoming the largest contributor to overall price changes. Inflation for energy and non-energy goods is negative to date in 2024 and food inflation has dropped sharply. A range of measures of underlying inflation – stripping out some of these more volatile components – points to inflation running close to or below 2 per cent currently, with downward momentum. The largest positive contribution to overall inflation in 2024 is from services and this pattern is expected to persist over the forecast horizon. Services inflation is forecast to average 3.1 per cent from 2025 to 2027, close to its long-run historical average, with the headline rate projected to average 1.8 per cent over the same period.  The number of people at work continues to rise supported by net inward migration of skilled workers and improvements in labour force participation. Employment increased by 88,400 persons in the first nine months of 2024, lifting the ratio of the number employed to the total population aged 15-64 to just below 75.3 per cent, the highest on record. Labour market conditions should remain benign in the near term, with the unemployment rate expected to stay close to its current low level of 4.5 per cent. With some easing of labour demand expected, nominal wage growth is projected to slow in 2025 and 2026, but remain above 4 per cent. Disposable income – which includes wage and non-wage income and social transfers – is forecast to grow by 4.7 per cent in nominal terms on average from 2025 to 2027. When combined with the projection for inflation, real income growth per household is forecast to average 1.8 per cent over the same period, bringing average household purchasing power to 8.4 per cent above its 2023 level in 2027.   Risks to the growth outlook are firmly to the downside owing to the economy’s exposure to more pronounced global trade and wider economic tensions. In the near term, with the labour market already at full employment, further demand stimulus could result in higher and more persistent inflation with a negative effect on Ireland’s relative competitiveness. An escalation of global trade tensions (for example, from the widespread introduction of tariffs) would lower net exports and overall economic activity relative to the central forecasts. As Ireland’s largest bilateral trade partner, the direct exposure of the economy and public finances to changes in US economic policy is material. Policy changes affecting the activities of US MNEs in Ireland could lower net exports, domestic investment, employment, tax revenue and economic activity more broadly relative to the central forecasts. Looking beyond the near-term, the potential per capita growth rate of the Irish economy is set to halve to around 1.4 per cent by the middle of the century as the working age population declines. Enhancing levels of investment in human and physical capital to support productivity growth and enabling people to stay longer in the workforce can in part offset this decline, supporting continued sustainable growth in Irish living standards. Such growth is also necessary to provide a tax base to fund the delivery of essential public services and infrastructure over the long-term. It is appropriate in future budgetary cycles to take steps to expand and diversify the tax base in light of the near-term cyclical position of the economy, the medium-term growing demands on the public finances, and to bolster the long-term resilience of both the economy and the public finances in light of prevailing risks.  From a broader perspective, sustainably mobilising household savings across the EU for investment in Europe’s – including Irelands’s -  productive capital stock would also enhance the resilience of households, businesses and the economy as a whole.  Previous Quarterly Bulletins are available to view on the Central Bank’s website.

Thank you and welcome to this special event to mark the publication of the OECD’s report on the Central Bank’s financial consumer protection role. This is the first review of its kind by the OECD and, given our shared commitment to financial consumer protection, we at the Central Bank are very pleased to be a pioneer in this work with you.  We put ourselves forward for this review as we welcome the opportunity for our work to be assessed against global standards by an independent, objective third party.  And we are very conscious of the OECD’s central role in establishing the global standards through the G20/OECD High-Level Principles on Financial Consumer Protection. Consumer protection is at the heart of everything we do in the Central Bank, aligned to our constant and predominant aim being the welfare of the people as a whole.  Over the last decade, we have, alongside other public institutions, played a significant role in strengthening the consumer protection framework in Ireland, to ensure that our system and protections are in line with those global standards. While this strengthening of the framework has improved supports and outcomes for consumers, we also recognise the importance of ensuring that the framework – like all frameworks – continues to adapt and evolve so that it remains fit for purpose and future-ready. The challenges and risks facing us are clear. The global economy is fragmenting and countries across the globe are undergoing significant economic transitions – in demography, in technology, in climate – while also experiencing a period of unprecedented innovation.  Consumers are adapting and in the face of a changing ecosystem, central banks, regulators, and businesses have to adapt, evolve and transform as well. The value provided by the OECD, given their knowledge of how countries and regulators across the globe are facing into these challenges, is clear. For our part, we are changing how we work and ensuring our frameworks reflect an increasingly digital world.  As the financial services sector evolves, so too must our approach to supervision and regulation to ensure it remains fit for purpose. This need to adapt, evolve and transform is at the core of our Strategy.  A key element of this is the work we are finalising on our review of the Consumer Protection Code to ensure it is future-ready.  As I have said before, “the Code is a cornerstone of consumer protection in financial services in Ireland, establishing a set of rules and expectations for how firms should treat their customers and has allowed the Central Bank to intervene to protect consumers.”  The changes we have proposed build on the existing Code, reflecting the provision of financial services in a digital world. We have had very active and important engagement with stakeholders on the Code, with feedback coming through from across industry, civil society and other government agencies and regulators, as well as from the Minister for Finance.  The feedback we have received has been broadly positive with many stakeholders welcoming the proposals. We are aiming to publish the revised Code early in the New Year.  When implemented, consumers will benefit from a package of protections that reflect how they are accessing financial services today.  Regulated firms will benefit from a clearer articulation of their Code obligations. As you know, we are also making changes to our supervisory model, which we will begin to implement in January.  The new model remains risk-based, but is evolving to deliver a more integrated approach drawing on all elements of our mandate (consumer and investor protection, safety and soundness, financial stability and integrity of the system).This enhanced approach is based on accumulated experience, on insight, on best practice and is built for a faster moving and more complex financial services sector.  Firms will hear one consistent voice from the Bank, with more coordinated messaging and more streamlined demands across the full span of our regulatory and supervisory mandate.We will promote a more open and transparent supervisory approach. To enable and implement our new supervisory framework we need the right operational approach and organisational structure.  We are moving to an organisational structure where our regulatory and supervisory directorates will have teams responsible for integrated supervision across all our regulatory outcomes.  Importantly, our supervisory model will place consumer protection at the heart of day-to-day supervision. It will position us better as an organisation to meet our objectives to ensure consumers of financial services are protected in this changing financial landscape, as highlighted by the OECD report. This is why this review by the OECD is so important, as it provides us with recommendations and insights that will support our ambition to transform and will be incorporated into our transformed supervisory approach. The OECD’s assessment that the Central Bank is operating in line with the High Level Principles is very positive.  We also welcome the recommendations on how we can further enhance our approach, in particular the insights on international best practice and peer comparisons, which we will consider carefully. I very much welcome the OECD’s focus on how we can further strengthen the way in which we engage with and listen to consumers, the way in which we provide them with information, and ultimately how we measure our effectiveness in terms of outcomes.We know that engaging with consumers, listening to them and hearing their views and perspectives will also support an important part of our vision, to build and maintain trust in the Central Bank. We know that trust is fundamental to allow central banks and other public institutions to be effective. Without the trust of the public that it serves, an institution will struggle to function and I especially welcome that the OECD has recognised this link in many of its recommendations.  The implementation of the OECD recommendations will sit alongside our new regulatory and supervisory framework and the new Consumer Protection Code and ensure regulated firms are operating under a modernised set of rules and approaches as we face into the challenges of a changing global economy. Let me conclude with three particular thank yous.First, to the various organisations and representative groups that met with the OECD and provided important insights and perspectives to inform and support the review team’s analysis. It is good to see so many of you here.  We value and appreciate your contributions, not just to this review but throughout our broader engagements and discussions. Second, to the OECD and its review team for carrying out this important piece of work.  It reinforces our commitment to continuous improvement and our openness to learning.And third, to Derville Rowland, Colm Kincaid and everyone involved in consumer protection at the Central Bank for ensuring we continue to deliver on our constant and predominant aim in a rapidly-changing world. 

Thank you and welcome to this special event to mark the publication of the OECD’s report on the Central Bank’s financial consumer protection role. This is the first review of its kind by the OECD and, given our shared commitment to financial consumer protection, we at the Central Bank are very pleased to be a pioneer in this work with you.  We put ourselves forward for this review as we welcome the opportunity for our work to be assessed against global standards by an independent, objective third party.  And we are very conscious of the OECD’s central role in establishing the global standards through the G20/OECD High-Level Principles on Financial Consumer Protection. Consumer protection is at the heart of everything we do in the Central Bank, aligned to our constant and predominant aim being the welfare of the people as a whole.  Over the last decade, we have, alongside other public institutions, played a significant role in strengthening the consumer protection framework in Ireland, to ensure that our system and protections are in line with those global standards. While this strengthening of the framework has improved supports and outcomes for consumers, we also recognise the importance of ensuring that the framework – like all frameworks – continues to adapt and evolve so that it remains fit for purpose and future-ready. The challenges and risks facing us are clear. The global economy is fragmenting and countries across the globe are undergoing significant economic transitions – in demography, in technology, in climate – while also experiencing a period of unprecedented innovation.  Consumers are adapting and in the face of a changing ecosystem, central banks, regulators, and businesses have to adapt, evolve and transform as well. The value provided by the OECD, given their knowledge of how countries and regulators across the globe are facing into these challenges, is clear. For our part, we are changing how we work and ensuring our frameworks reflect an increasingly digital world.  As the financial services sector evolves, so too must our approach to supervision and regulation to ensure it remains fit for purpose. This need to adapt, evolve and transform is at the core of our Strategy.  A key element of this is the work we are finalising on our review of the Consumer Protection Code to ensure it is future-ready.  As I have said before, “the Code is a cornerstone of consumer protection in financial services in Ireland, establishing a set of rules and expectations for how firms should treat their customers and has allowed the Central Bank to intervene to protect consumers.”  The changes we have proposed build on the existing Code, reflecting the provision of financial services in a digital world. We have had very active and important engagement with stakeholders on the Code, with feedback coming through from across industry, civil society and other government agencies and regulators, as well as from the Minister for Finance.  The feedback we have received has been broadly positive with many stakeholders welcoming the proposals. We are aiming to publish the revised Code early in the New Year.  When implemented, consumers will benefit from a package of protections that reflect how they are accessing financial services today.  Regulated firms will benefit from a clearer articulation of their Code obligations. As you know, we are also making changes to our supervisory model, which we will begin to implement in January.  The new model remains risk-based, but is evolving to deliver a more integrated approach drawing on all elements of our mandate (consumer and investor protection, safety and soundness, financial stability and integrity of the system).This enhanced approach is based on accumulated experience, on insight, on best practice and is built for a faster moving and more complex financial services sector.  Firms will hear one consistent voice from the Bank, with more coordinated messaging and more streamlined demands across the full span of our regulatory and supervisory mandate.We will promote a more open and transparent supervisory approach. To enable and implement our new supervisory framework we need the right operational approach and organisational structure.  We are moving to an organisational structure where our regulatory and supervisory directorates will have teams responsible for integrated supervision across all our regulatory outcomes.  Importantly, our supervisory model will place consumer protection at the heart of day-to-day supervision. It will position us better as an organisation to meet our objectives to ensure consumers of financial services are protected in this changing financial landscape, as highlighted by the OECD report. This is why this review by the OECD is so important, as it provides us with recommendations and insights that will support our ambition to transform and will be incorporated into our transformed supervisory approach. The OECD’s assessment that the Central Bank is operating in line with the High Level Principles is very positive.  We also welcome the recommendations on how we can further enhance our approach, in particular the insights on international best practice and peer comparisons, which we will consider carefully. I very much welcome the OECD’s focus on how we can further strengthen the way in which we engage with and listen to consumers, the way in which we provide them with information, and ultimately how we measure our effectiveness in terms of outcomes.We know that engaging with consumers, listening to them and hearing their views and perspectives will also support an important part of our vision, to build and maintain trust in the Central Bank. We know that trust is fundamental to allow central banks and other public institutions to be effective. Without the trust of the public that it serves, an institution will struggle to function and I especially welcome that the OECD has recognised this link in many of its recommendations.  The implementation of the OECD recommendations will sit alongside our new regulatory and supervisory framework and the new Consumer Protection Code and ensure regulated firms are operating under a modernised set of rules and approaches as we face into the challenges of a changing global economy. Let me conclude with three particular thank yous.First, to the various organisations and representative groups that met with the OECD and provided important insights and perspectives to inform and support the review team’s analysis. It is good to see so many of you here.  We value and appreciate your contributions, not just to this review but throughout our broader engagements and discussions. Second, to the OECD and its review team for carrying out this important piece of work.  It reinforces our commitment to continuous improvement and our openness to learning.And third, to Derville Rowland, Colm Kincaid and everyone involved in consumer protection at the Central Bank for ensuring we continue to deliver on our constant and predominant aim in a rapidly-changing world. 

Thank you and welcome to this special event to mark the publication of the OECD’s report on the Central Bank’s financial consumer protection role. This is the first review of its kind by the OECD and, given our shared commitment to financial consumer protection, we at the Central Bank are very pleased to be a pioneer in this work with you.  We put ourselves forward for this review as we welcome the opportunity for our work to be assessed against global standards by an independent, objective third party.  And we are very conscious of the OECD’s central role in establishing the global standards through the G20/OECD High-Level Principles on Financial Consumer Protection. Consumer protection is at the heart of everything we do in the Central Bank, aligned to our constant and predominant aim being the welfare of the people as a whole.  Over the last decade, we have, alongside other public institutions, played a significant role in strengthening the consumer protection framework in Ireland, to ensure that our system and protections are in line with those global standards. While this strengthening of the framework has improved supports and outcomes for consumers, we also recognise the importance of ensuring that the framework – like all frameworks – continues to adapt and evolve so that it remains fit for purpose and future-ready. The challenges and risks facing us are clear. The global economy is fragmenting and countries across the globe are undergoing significant economic transitions – in demography, in technology, in climate – while also experiencing a period of unprecedented innovation.  Consumers are adapting and in the face of a changing ecosystem, central banks, regulators, and businesses have to adapt, evolve and transform as well. The value provided by the OECD, given their knowledge of how countries and regulators across the globe are facing into these challenges, is clear. For our part, we are changing how we work and ensuring our frameworks reflect an increasingly digital world.  As the financial services sector evolves, so too must our approach to supervision and regulation to ensure it remains fit for purpose. This need to adapt, evolve and transform is at the core of our Strategy.  A key element of this is the work we are finalising on our review of the Consumer Protection Code to ensure it is future-ready.  As I have said before, “the Code is a cornerstone of consumer protection in financial services in Ireland, establishing a set of rules and expectations for how firms should treat their customers and has allowed the Central Bank to intervene to protect consumers.”  The changes we have proposed build on the existing Code, reflecting the provision of financial services in a digital world. We have had very active and important engagement with stakeholders on the Code, with feedback coming through from across industry, civil society and other government agencies and regulators, as well as from the Minister for Finance.  The feedback we have received has been broadly positive with many stakeholders welcoming the proposals. We are aiming to publish the revised Code early in the New Year.  When implemented, consumers will benefit from a package of protections that reflect how they are accessing financial services today.  Regulated firms will benefit from a clearer articulation of their Code obligations. As you know, we are also making changes to our supervisory model, which we will begin to implement in January.  The new model remains risk-based, but is evolving to deliver a more integrated approach drawing on all elements of our mandate (consumer and investor protection, safety and soundness, financial stability and integrity of the system).This enhanced approach is based on accumulated experience, on insight, on best practice and is built for a faster moving and more complex financial services sector.  Firms will hear one consistent voice from the Bank, with more coordinated messaging and more streamlined demands across the full span of our regulatory and supervisory mandate.We will promote a more open and transparent supervisory approach. To enable and implement our new supervisory framework we need the right operational approach and organisational structure.  We are moving to an organisational structure where our regulatory and supervisory directorates will have teams responsible for integrated supervision across all our regulatory outcomes.  Importantly, our supervisory model will place consumer protection at the heart of day-to-day supervision. It will position us better as an organisation to meet our objectives to ensure consumers of financial services are protected in this changing financial landscape, as highlighted by the OECD report. This is why this review by the OECD is so important, as it provides us with recommendations and insights that will support our ambition to transform and will be incorporated into our transformed supervisory approach. The OECD’s assessment that the Central Bank is operating in line with the High Level Principles is very positive.  We also welcome the recommendations on how we can further enhance our approach, in particular the insights on international best practice and peer comparisons, which we will consider carefully. I very much welcome the OECD’s focus on how we can further strengthen the way in which we engage with and listen to consumers, the way in which we provide them with information, and ultimately how we measure our effectiveness in terms of outcomes.We know that engaging with consumers, listening to them and hearing their views and perspectives will also support an important part of our vision, to build and maintain trust in the Central Bank. We know that trust is fundamental to allow central banks and other public institutions to be effective. Without the trust of the public that it serves, an institution will struggle to function and I especially welcome that the OECD has recognised this link in many of its recommendations.  The implementation of the OECD recommendations will sit alongside our new regulatory and supervisory framework and the new Consumer Protection Code and ensure regulated firms are operating under a modernised set of rules and approaches as we face into the challenges of a changing global economy. Let me conclude with three particular thank yous.First, to the various organisations and representative groups that met with the OECD and provided important insights and perspectives to inform and support the review team’s analysis. It is good to see so many of you here.  We value and appreciate your contributions, not just to this review but throughout our broader engagements and discussions. Second, to the OECD and its review team for carrying out this important piece of work.  It reinforces our commitment to continuous improvement and our openness to learning.And third, to Derville Rowland, Colm Kincaid and everyone involved in consumer protection at the Central Bank for ensuring we continue to deliver on our constant and predominant aim in a rapidly-changing world.