Mary-Elizabeth McMunn: Capital, competition, and complexity - regulatory perspectives on the regulatory debate
Remarks by Ms Mary-Elizabeth McMunn, Deputy Governor of the Central Bank of Ireland, at the Banking & Payments Federation Ireland (BPFI), Dublin, 7 May 2026.
Introduction
Good morning – I am delighted to be here, and many thanks to Brian and the BPFI for hosting us.
I very much look forward to the discussion, and to hearing from you all today, but before I do I would like to set out some reflections on a number of topics which are currently high on the regulatory agenda.
While the discussion is multifaceted, and tied up with a regulatory cycle which has turned, an economic one which has become more challenging, not to mention a renewed focus by policymakers on longer term challenges to productivity, innovation, and growth – I will focus my remarks on what I would broadly categorize as the '3 Cs', namely:
- Capital
- Competition and
- Complexity
Given their importance, and indeed their prevalence in the regulatory debate, I would like to set out my perspective on these 3 Cs as Deputy Governor for Financial Regulation at the Central Bank of Ireland – informed by our mandate, our experience, and the data and analysis we undertake.
But before I do, let me very briefly touch on the current risk environment – the crucial context in which we are having this debate.