Sharon Donnery: Charting the course - leading financial services through complexity and change

Speech by Ms Sharon Donnery, Deputy Governor of the Central Bank of Ireland, at the Financial Services Ireland Annual Dinner, Dublin, 17 November 2022.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good Evening.

Thank you to the Executive Board of Financial Services Ireland for the invitation to speak to you this evening at your annual dinner. It is a pleasure to have an opportunity to share my thoughts with you tonight.

We all face a challenging time charting a course through a lot of uncertainty and a lot of complexity in the global economy. The extent of the risks to the financial system has increased, as has the vulnerability of certain parts of the system to shocks.

This requires us all – leaders in the financial system – whether in the public or private sphere, to recognise and respond to these challenges.

In my remarks tonight, I want to explain how I see the macroeconomic outlook and the potential for volatility in the macro-financial environment. Looking at the changing financial services landscape, I will set out how we, in the Central Bank of Ireland, will deliver our mandate through these challenges, and what we think can be done by you – leaders of firms and businesses – to best manage and mitigate the risks and challenges.

But I won't only speak of doom and gloom.I believe that by recognising the challenges we face and the critical role financial services plays in meeting the needs of consumers and the wider economy, we can work far more effectively together to achieve our respective objectives and realise some of the opportunities that change brings.