Ed Sibley: Opening remarks at Distressed Debt Webinar

Opening remarks (virtual) by Mr Ed Sibley, Deputy Governor (Prudential Regulation) of the Central Bank of Ireland, Distressed Debt Webinar run by University of Limerick, Limerick, 28 September 2020.

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

Good afternoon all. Thank you to Stephen Kinsella and to all of you for joining this webinar on distressed debt, jointly hosted by the University of Limerick and the Central Bank of Ireland. This is a critically important topic for the well-being of individuals, households, businesses, economies and societies. In this context, I am delighted to be taking part in this initiative and look forward to hearing more from Stephen, Professor Mascia Bedendo and Alexander Lehmann and the subsequent discussion we will have with all of you. 

We are experiencing a profound shock. The ongoing effects of the COVID-19 pandemic are tragic and seismic. The necessary actions taken to contain the health emergency have affected all of our lives. The effect on the incomes of many households and businesses have been profound, with many experiencing the stress of a severe and unexpected shock. The Central Bank is focused on doing all that it can, across all of its mandate, to minimise the effects of this economic shock.