I would like to welcome the Minister for Finance - Minister Jack Chambers TD - and everyone here today to the Central Bank’s offices for the launch of the National Payments Strategy.  Let me also echo the Minister’s thanks to all involved in the development of the strategy.  In particular, I would like to thank the Department’s Strategy Team for their collaboration over the past 16 months, and for providing the Central Bank with the opportunity to contribute to the development of the Strategy. My thanks also to the members of the Central Bank’s Payments Steering Group and the internal expert group who has been supporting the our input into the Strategy. Call for collaborationThe National Payments Strategy represents a significant milestone for the future development of the Irish payments ecosystem. The Central Bank looks forward to contributing to the successful realisation of the Strategy over the next 5 years and beyond. We see the Strategy as an opportunity to: Ensure that the Irish market stays up-to-date with modern payment functionalities and technologies; Put in place initiatives that strengthen the security and resilience of retail payments; and To ensure that the Irish payments ecosystem remains interconnected with the rest of the Europe. As the Minister has referenced, the Strategy outlines a number of ambitious actions that will lay the foundation for the future growth of the Irish payments ecosystem. In terms of specific actions I would call out, I would highlight that: the Strategy will require cooperation in the advancement of Pay-by-Account solutions built upon the effective implementation of instant payments and Open Banking; and  A role for the Central Bank around a Research and Insights Programme that we will lead.   Enhancing our research and analytical capabilities is critical to understanding the direction and possible impacts of the future evolution of the Irish payments ecosystem.FraudAnother area I will highlight and that relates to the issue of Fraud.  This is an issue which cuts right across the work of the Central Bank – from consumer protection, to our work in payments and to our financial integrity / AML work. Whilst the volume of payments fraud is quite low in Ireland as a percentage of total transactions, nevertheless it can have a detrimental impact on individuals and businesses. As payments evolve, so too do the techniques used by fraudsters. The rise of social engineering scams has exposed consumers to increasingly sophisticated fraud schemes that can be difficult to detect and prevent. This is why individual firms must be proactive, ensuring they incorporate security by design when developing new payment solutions.Innovation is required to keep pace with criminal elements seeking to disrupt the payments ecosystem, thereby undermining public trust in the broader financial system.The fight against fraud is not limited to any individual firm - the entire ecosystem, including both financial and non-financial stakeholders, must work together to meet the challenge of evolving fraud techniques and typologies.  This is why – at the Central Bank - we have been engaging with a number of large tech firms since the start of the year, including Google, encouraging them to do more to ensure they are not facilitating consumer harm. I am pleased that progress has been made in this regard and welcome Google’s announcement last week that they will introduce a verification process for financial services advertisers. An effective financial services verification policy is a key disruptive tool in the fight against online financial scams.For that reason, in particular, I want to welcome the establishment of the Anti-Fraud Forum under the Strategy.  This Forum will seek to enhance the formal cooperation between the financial sector, telecoms, and social media companies, whose networks and platforms are often utilised to propagate fraudulent activity. Let me conclude. As Minister Chambers outlined, the overarching objective of the National Payments Strategy is to build and enhance public trust in the payment system, by ensuring that it works in the best interests of all consumers and businesses.  Ultimately, the success of the National Payments Strategy will be largely determined by the organisations in attendance today, and the degree to which we all engage in and support this multi-year programme of work. The Department of Finance has set out the roadmap for the future of the Irish payments ecosystem, and it is now up to us, as a collective, to put our words into action. I would like to thank you all again for attending the event today. We have arranged a small reception which I hope some of you will be able to stay to attend.Thank you.

I would like to welcome the Minister for Finance - Minister Jack Chambers TD - and everyone here today to the Central Bank’s offices for the launch of the National Payments Strategy.  Let me also echo the Minister’s thanks to all involved in the development of the strategy.  In particular, I would like to thank the Department’s Strategy Team for their collaboration over the past 16 months, and for providing the Central Bank with the opportunity to contribute to the development of the Strategy. My thanks also to the members of the Central Bank’s Payments Steering Group and the internal expert group who has been supporting the our input into the Strategy. Call for collaborationThe National Payments Strategy represents a significant milestone for the future development of the Irish payments ecosystem. The Central Bank looks forward to contributing to the successful realisation of the Strategy over the next 5 years and beyond. We see the Strategy as an opportunity to: Ensure that the Irish market stays up-to-date with modern payment functionalities and technologies; Put in place initiatives that strengthen the security and resilience of retail payments; and To ensure that the Irish payments ecosystem remains interconnected with the rest of the Europe. As the Minister has referenced, the Strategy outlines a number of ambitious actions that will lay the foundation for the future growth of the Irish payments ecosystem. In terms of specific actions I would call out, I would highlight that: the Strategy will require cooperation in the advancement of Pay-by-Account solutions built upon the effective implementation of instant payments and Open Banking; and  A role for the Central Bank around a Research and Insights Programme that we will lead.   Enhancing our research and analytical capabilities is critical to understanding the direction and possible impacts of the future evolution of the Irish payments ecosystem.FraudAnother area I will highlight and that relates to the issue of Fraud.  This is an issue which cuts right across the work of the Central Bank – from consumer protection, to our work in payments and to our financial integrity / AML work. Whilst the volume of payments fraud is quite low in Ireland as a percentage of total transactions, nevertheless it can have a detrimental impact on individuals and businesses. As payments evolve, so too do the techniques used by fraudsters. The rise of social engineering scams has exposed consumers to increasingly sophisticated fraud schemes that can be difficult to detect and prevent. This is why individual firms must be proactive, ensuring they incorporate security by design when developing new payment solutions.Innovation is required to keep pace with criminal elements seeking to disrupt the payments ecosystem, thereby undermining public trust in the broader financial system.The fight against fraud is not limited to any individual firm - the entire ecosystem, including both financial and non-financial stakeholders, must work together to meet the challenge of evolving fraud techniques and typologies.  This is why – at the Central Bank - we have been engaging with a number of large tech firms since the start of the year, including Google, encouraging them to do more to ensure they are not facilitating consumer harm. I am pleased that progress has been made in this regard and welcome Google’s announcement last week that they will introduce a verification process for financial services advertisers. An effective financial services verification policy is a key disruptive tool in the fight against online financial scams.For that reason, in particular, I want to welcome the establishment of the Anti-Fraud Forum under the Strategy.  This Forum will seek to enhance the formal cooperation between the financial sector, telecoms, and social media companies, whose networks and platforms are often utilised to propagate fraudulent activity. Let me conclude. As Minister Chambers outlined, the overarching objective of the National Payments Strategy is to build and enhance public trust in the payment system, by ensuring that it works in the best interests of all consumers and businesses.  Ultimately, the success of the National Payments Strategy will be largely determined by the organisations in attendance today, and the degree to which we all engage in and support this multi-year programme of work. The Department of Finance has set out the roadmap for the future of the Irish payments ecosystem, and it is now up to us, as a collective, to put our words into action. I would like to thank you all again for attending the event today. We have arranged a small reception which I hope some of you will be able to stay to attend.Thank you.

The Central Bank of Ireland has today (Monday 14 October) published its Flood Protection Gap Report. Some homes and businesses in Ireland are unable to obtain flood cover. This means that when a flood occurs, there can be a shortfall between the actual cost of the flood and the portion of that cost that is covered by insurance.  This is the flood protection gap. The occurrence of severe flooding could and does leave households and business with high levels of uninsured losses, and may create demands on government to provide financial support.  There is also potential for risk to be transmitted to other parts of the financial system, for example by affecting the availability of credit. In light of these important economic and societal issues, the potential financial stability impact and in the best interests of consumers, the Central Bank undertook research into the nature and scale of the flood protection gap in Ireland, taking into consideration both the picture today and how that picture might change in future. In our analysis, we identified how many homes and businesses in Ireland are unlikely to obtain flood cover. The analysis does not account for a person’s choice not to purchase insurance, which can also contribute to the flood protection gap. The key findings of the report include:Approximately 1 in 20 buildings have difficulty accessing flood insurance today.The estimated average annual cost of inland (river and surface water) flooding is €101m. Severe losses can be much higher than this, with a €510m loss expected about once every 25 years. Ireland is likely to see significantly more rainfall in the future due to climate change, increasing the likelihood of flood events and potentially widening the gap.The report was produced following engagement with key stakeholders, including members of the insurance industry and officials from the Department of Finance and the Office of Public Works.Deputy Governor Sharon Donnery said: “Lack of access to insurance can and does affect Irish communities and businesses in a very real way, as we have seen again recently.  We at the Central Bank are committed to identifying and managing the risks of climate change for the financial system, and so the report we are publishing today seeks to understand the flood protection gap now and into the future.“We hope that this analysis helps to inform the debate on the flood protection gap in Ireland, and recognise that addressing this issue requires work from a broad range of stakeholders. We look forward to further engagement with stakeholders over the coming months on this important topic and we will continue to play our part in identifying and managing the risks arising from the consequences of climate change.”ENDSNotes to the Editor Read more on the Flood Protection Gap Report here: https://www.centralbank.ie/regulation/industry-market-sectors/insurance-reinsurance/flood-protection-gap-report

The Central Bank of Ireland has today (Monday 14 October) published its Flood Protection Gap Report. Some homes and businesses in Ireland are unable to obtain flood cover. This means that when a flood occurs, there can be a shortfall between the actual cost of the flood and the portion of that cost that is covered by insurance.  This is the flood protection gap. The occurrence of severe flooding could and does leave households and business with high levels of uninsured losses, and may create demands on government to provide financial support.  There is also potential for risk to be transmitted to other parts of the financial system, for example by affecting the availability of credit. In light of these important economic and societal issues, the potential financial stability impact and in the best interests of consumers, the Central Bank undertook research into the nature and scale of the flood protection gap in Ireland, taking into consideration both the picture today and how that picture might change in future. In our analysis, we identified how many homes and businesses in Ireland are unlikely to obtain flood cover. The analysis does not account for a person’s choice not to purchase insurance, which can also contribute to the flood protection gap. The key findings of the report include:Approximately 1 in 20 buildings have difficulty accessing flood insurance today.The estimated average annual cost of inland (river and surface water) flooding is €101m. Severe losses can be much higher than this, with a €510m loss expected about once every 25 years. Ireland is likely to see significantly more rainfall in the future due to climate change, increasing the likelihood of flood events and potentially widening the gap.The report was produced following engagement with key stakeholders, including members of the insurance industry and officials from the Department of Finance and the Office of Public Works.Deputy Governor Sharon Donnery said: “Lack of access to insurance can and does affect Irish communities and businesses in a very real way, as we have seen again recently.  We at the Central Bank are committed to identifying and managing the risks of climate change for the financial system, and so the report we are publishing today seeks to understand the flood protection gap now and into the future.“We hope that this analysis helps to inform the debate on the flood protection gap in Ireland, and recognise that addressing this issue requires work from a broad range of stakeholders. We look forward to further engagement with stakeholders over the coming months on this important topic and we will continue to play our part in identifying and managing the risks arising from the consequences of climate change.”ENDSNotes to the Editor Read more on the Flood Protection Gap Report here: https://www.centralbank.ie/regulation/industry-market-sectors/insurance-reinsurance/flood-protection-gap-report

Opening Statement by Governor Gabriel Makhlouf at the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Opening Statement by Governor Gabriel Makhlouf at the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Opening Statement by Governor Gabriel Makhlouf at the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Opening Statement by Governor Gabriel Makhlouf at the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Opening Statement by Governor Gabriel Makhlouf at the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Opening Statement by Governor Gabriel Makhlouf at the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Opening Statement by Governor Gabriel Makhlouf at the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Opening Statement by Governor Gabriel Makhlouf at the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Opening Statement by Governor Gabriel Makhlouf at the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

The Central Bank of Ireland has launched a €15 silver proof commemorative coin to mark the centenary of the Irish Defence Forces.

The Central Bank of Ireland has launched a €15 silver proof commemorative coin to mark the centenary of the Irish Defence Forces.

The Central Bank of Ireland has launched a €15 silver proof commemorative coin to mark the centenary of the Irish Defence Forces.

The Central Bank of Ireland has launched a €15 silver proof commemorative coin to mark the centenary of the Irish Defence Forces.

‘Governing for the good – doing the right thing’ – Remarks by Deputy Governor Sharon Donnery

‘Governing for the good – doing the right thing’ – Remarks by Deputy Governor Sharon Donnery

‘Governing for the good – doing the right thing’ – Remarks by Deputy Governor Sharon Donnery