Central Bank of Ireland has today (13 July) published the annual letter from Governor Gabriel Makhlouf to the Tánaiste and Minister for Finance ahead of Budget 2027.In his letter, the Governor underscores the importance of building economic resilience in the face of heightened global uncertainty and structural economic transitions.  He highlights the need to prioritise five key areas:Growing the supply-side capacity of the economy, particularly housing, transport, energy and water infrastructure;Strengthening the indigenous business sector to complement foreign direct investment and enhance economic resilience;Building fiscal buffers through prudent fiscal policy and rigorous expenditure control;Supporting household resilience by enabling greater retail participation in financial markets and improving access to debt and equity financing for domestic businesses; andWorking with partners to strengthen Europe’s economic infrastructure and to develop a new set of multilateral trading rules that deliver certainty and stability."Ireland's economic performance presents reasons for optimism but also clear reminders of the need for vigilance," Governor Makhlouf said. "Sound policy decisions today can help steer the economy through a turbulent international environment, deliver sustainable economic progress and build the resilience that the country needs."The Governor warned of emerging fiscal pressures, noting that current Government projections show expenditure growth outpacing revenue growth in the coming years. "If expenditure overruns persist, the underlying budget deficit could rise to €25.7 billion or 5.8 per cent of GNI* by 2030. This would deplete fiscal buffers, limiting capacity to respond to future negative shocks, while adding to domestic inflationary pressures," he cautioned.A key concern is the increasing reliance on corporation tax receipts, which now account for 23 per cent of total general government revenue, up from 12 per cent previously. The Governor noted that just 10 companies were responsible for 56 per cent of all corporation tax receipts in 2025.“While corporation tax receipts are likely to increase further in 2026, I am concerned about the long-term sustainability of the current high levels of revenue. A broader tax base is needed to help mitigate the risks from a possible loss of corporation tax receipts and to fund known spending pressures," Governor Makhlouf said.The Governor also commented on delivery of public investment, noting that Government has doubled its nominal public investment since 2019, and that this investment is potentially transformative.  He said: “Addressing infrastructure deficits in a timely manner would help to reduce inflationary pressures, and reducing fossil fuel dependency will build resilience and contribute to meeting emission reduction targets. Achieving value for money is difficult in an economy at full employment and in the face of externally-driven cost shocks, but expenditure discipline, combined with prioritising public projects that yield the largest spillovers to the private sector is key to delivering gains from planned investment.”    The Central Bank is also calling for an effective, binding, domestic fiscal framework based on four guiding principles: sustainability, economic cycle smoothing, simplicity, and a balance between flexibility and discipline.The Governor concluded: "Above average growth since 2021 has benefitted the public finances.  Combined with surging corporation tax revenue, the headline budgetary position has been in surplus since 2022, despite large expenditure increases and some tax cuts.  “However, this favourable headline position rests on somewhat unstable foundations. “Our current economic conditions present a window of opportunity to strengthen the fiscal framework. But this window will not remain open indefinitely." 

  Warning:Unauthorised Investment Firm / Investment Business Firm / Alternative Investment Fund Manager Unauthorised Firm NameMacKay Shields UK LLP (CLONE) Website(s)None Email address(es) usedsupport@mackay-shields.email Phone number(s) usedWhatsApp nr(s) used:+351 916 719 422+351 933 813 914WhatsApp Q91 GroupTelephone nr(s) used: +351 916 719 422+351 933 813 914+966 684 260 Authorisation in IrelandMacKay Shields UK LLP (CLONE) is not authorised to provide Investment services or Investment Business services, or Alternative Investment Fund Manager Services in Ireland. Additional informationIt has come to the attention of the Central Bank of Ireland that a fraudulent entity, offering fake investments and operating the applications (not currently active) NYLI and NYLIPLUS, is not authorised to operate as an investment firm / investment business firm or alternative investment fund manager in Ireland.This unauthorised firm cloned the details (name and registration details) of MacKay Shields UK LLP, Central Bank Register C121665.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.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 / Investment Business Firm Unauthorised Firm NameAGF International Advisors Company Limited (CLONE) and/or Iron-Cap / IRONCAP Website(s)www.iron-cap.comhttps://www.iron-cap.io/https://www.iron-cap.io/fr/forgot-password/  Email address(es) usedsupport@iron-cap.com Samuel.breval@iron-cap.com Phone number(s) usedNone Authorisation in IrelandAGF International Advisors Company Limited (CLONE) and/or Iron-Cap/IRONCAP is not authorised to provide Investment services or Investment Business services in Ireland.Additional informationIt has come to the attention of the Central Bank of Ireland (‘Central Bank’) that a fraudulent entity, offering fake investments in Iron-Cap/IRONCAP and operating the websites (not currently active) www.iron-cap.com and https://www.iron-cap.io/, is not authorised to operate as an investment firm / investment business firm in Ireland. This unauthorised firm cloned the details (name, address and registration details) of a legitimate firm called AGF International Advisors Company Limited (CBI00022137) which is authorised by the Central Bank.  It should be noted that there is no connection whatsoever between the Central Bank authorised entity and the unauthorised entity, operating the websites www.iron-cap.com and https://www.iron-cap.io/.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.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 Firm NameArbionisWebsitehttps://arbionis-ireland.comPhone number used+353 612 34 56 78Authorisation in IrelandArbionis is not authorised to provide investment services in Ireland. Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.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 / Investment Business FirmUnauthorised Firm NameLGIM Managers (Europe) Limited (CLONE)WebsiteNoneEmail addresses usedinfo@lgimeu.com (no longer active)office@bunqpartner.comPurported addressFriedrich-Ebert-Anlage 49 60311 Frankfurt am MainPhone number used+49 69 9675 5450Authorisation in IrelandLGIM Managers (Europe) Limited (CLONE) is not authorised to operate as an investment firm or investment business firm in Ireland.Additional informationIt has come to the attention of the Central Bank of Ireland (‘Central Bank’) that a clone entity LGIM Managers (Europe) Limited (Clone) is offering fake investments and is falsely purporting to be in partnership with bunq Bank and other Banking institutions.  This clone entity is not authorised to operate as an investment firm / investment business firm in Ireland. This clone copied details (name and registration details) of a legitimate firm called LGIM Managers (Europe) Limited (C173733) which is authorised by the Central Bank.  It should be noted that there is no connection whatsoever between the Central Bank authorised entity and the unauthorised clone entity.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.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 Insurance IntermediaryUnauthorised Firm NameInloovi Ireland Ltd. (Clone)Website addresshttps://inloovi.com/Email addresses usedinsurance@inloovi.comcomplaints@inloovi.comnoreply@inloovi.comhello@inloovi.comAuthorisation in IrelandThis firm is not authorised to provide insurance intermediary/distribution services in Ireland.Additional informationThis Unauthorised Firm has cloned details of a Central Bank authorised firm and has been seeking to pass itself off as the legitimate firm, A.R.B. Underwriting Limited T/A Buddy Travel Insurance, in order to deceive consumers. It should be noted that there is no connection between the Central Bank authorised firm and the Unauthorised Firm. Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.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. 

Central Bank of Ireland has appointed Gavin Curran as Director of Capital Markets and Funds and Max Patanella as Chief Information Officer.Director – Capital Markets and FundsGavin joined the Central Bank in September 2022 and has been Head of Funds Supervision Division since January 2025. Gavin has over 20 years’ experience in capital markets and funds, having held senior roles in both industry and regulatory environments.Chief Information OfficerMax joins the Central Bank from Virgin Media O2, where he was the CIO for Consumer and Wholesale, leading a complex technology estate spanning multiple platforms, suppliers and regulatory obligations. He brings more than 30 years’ experience in leading complex IT and digital change in large-scale, highly regulated environments.  Announcing the appointments, Governor Gabriel Makhlouf said: “I am delighted to announce the appointment of two senior leaders today – Gavin Curran as Director of Capital Markets and Funds and Max Patanella as Chief Information Officer. “Ireland is a global hub for capital markets and funds, and effective supervision of the sector is a key element of our mandate as a regulator. Gavin brings a wealth of experience to this role, where he will lead our capital markets and funds teams in delivering the Bank’s four safeguarding outcomes: protection of consumer and investor interests, safety and soundness of firms, integrity of the system and financial stability.“As Chief Information Officer at the Central Bank Max will oversee the security and resilience of our IT systems, which are critical to our work.  He will also drive our technology strategy to ensure our evolving needs are met and that we continue to drive innovation and adaptation in-house. “I look forward to working with Gavin and Max in continuing to deliver on our constant and predominant aim, the welfare of the people as a whole.”ENDSFurther Informationmedia@centralbank.ie  

Good morning everyone.I am delighted to be joined this morning by the Tánaiste and Minister for Finance for the launch of a commemorative circulating coin to mark Ireland’s Presidency of the Council of the European Union.  The coin will circulate across the euro area, reflecting our place at the heart of Europe and our commitment to the European project. I am also delighted to welcome guests from the Department of Finance and the Department of Foreign Affairs who have been working on preparations for the Presidency and who are now leading significant aspects of this important work over the next six months. The Central Bank is proud to be lending our support to the delivery of a successful Irish Presidency at a pivotal time for Europe, including supporting the Department of Finance on a number of key legislative files. Ensuring continuity of European lawmaking, addressing the common concerns of citizens across Europe and standing firm on Europe’s values is a responsibility not to be taken lightly.  But it is also an opportunity to help Member States find common ground, to address the challenges facing Europe, and ensuring the Union continues to deliver for all its citizens. In particular, it is an opportunity to help Member States make real progress in deepening the single market in goods, in services and in capital.  The impact on the prosperity, economic resilience and wellbeing of Europe’s citizens and businesses which will result from a stronger, more liquid EU capital market, the enabling framework for a Digital Euro, a better-functioning securitisation market, a competitive banking sector, and stronger retail investment participation, should be significant.  I welcome the clear commitment from the Government to advance these objectives in line with the One Europe, One Market Roadmap. Turning to the reason that we have come together today, I am delighted the Central Bank has the opportunity to mark the significant national moment of the Presidency in the form of a circulating coin.  Alongside other government outreach initiatives such as the County Pairings Programme, the Communicating Europe Initiative and the Presidency Cultural Programme, the coin will be a symbol in people’s pockets of Ireland’s Presidency and a reminder of how Europe impacts our lives. 500,000 Presidency coins will enter circulation this week.The coin features the official Presidency logo, which draws inspiration both from scientific discovery and Ireland’s artistic heritage.  It represents the spiral structure of the nebula, first identified in Ireland in the 1840s using the Great Telescope at Birr Castle, built by third Earl of Rosse. The Central Bank is no stranger to the residents of Birr Castle, having minted a collector coin to commemorate the son of the third Earl, Sir Charles Algernon Parsons, inventor of the steam turbine.  But back to this coin!  The pattern is also inspired by Irish sculptural work reflecting a connection with ancient Irish symbols, reinterpreted through a modern lens.  Each individual arm of the spiral features 27 discs which symbolise the 27 EU Member States. The resulting space at the centre forms a five-point star, a symbol from the EU flag. To conclude, I would like to thank the many people who have helped to make today’s launch possible, not least the Central Bank’s Currency Centre team for their continued leadership of the collector coin programme, to John Ó Liodáin and team at the Department of Foreign Affairs and Trade, the designers of the Presidency logo and to the Collector Coin Advisory Group, whose guidance helps shape the themes and subjects we commemorate.Tánaiste, thank you for joining us today.  It is a pleasure to welcome you to the Central Bank to launch this coin as Ireland starts its Presidency of the Council of the European Union. 

Central Bank of Ireland has today (Monday 6 July) launched a new €2 commemorative coin to mark the beginning of the Irish Presidency of the Council of the European Union.The coin was officially launched by Governor Gabriel Makhlouf and Tánaiste and Minister for Finance Simon Harris at a ceremony at the Central Bank today. The Central Bank will mint 500,000 of the special €2 coin and it will be issued into general circulation from tomorrow (Tuesday 7 July). People all over Ireland, and indeed Europe, will find the coin in their hands and pockets in the coming weeks.The coin will also be included in a proof set that will go on sale from collectorcoins.ie in mid-July.The coin design features the official Presidency logo, symbolising growth, dynamism and movement. Each individual arm of the spiral features 27 discs to symbolise the 27 Member States of the EU, with the resulting white space at the centre forming a 5-point star, a symbol from the EU flag.Governor Gabriel Makhlouf said: "The Central Bank is delighted to issue this commemorative coin to mark Ireland's Presidency of the Council of the European Union. This is a significant moment for Ireland as we take on the privilege and responsibility of hosting the Presidency during a pivotal time for Europe. The coin's design really captures the spirit of European cooperation and will be a symbol of Ireland’s Presidency. I encourage everyone to keep an eye out for this special coin as over 500,000 of them enter general circulation from tomorrow.” Tánaiste and Minister for Finance, Simon Harris TD said: “As we take up the EU Presidency for the eighth time, this commemorative coin marks a milestone of national pride, recognising the role Ireland plays in advancing European cooperation, progress and partnership. It is fitting that this coin symbolises the contribution our country has made and will continue to make to Europe’s shared prosperity.”Minister for Foreign Affairs and Trade, Helen McEntee TD said: “I welcome the launch of this commemorative coin in honour of Ireland’s eighth term holding the Presidency of the Council of the EU. Over the next six months, we will lead the work of the Council and drive forward an ambitious agenda which delivers for citizens, businesses and communities across Europe. Our theme, 'Ní neart go cur le chéile'— strength through unity —is our roadmap.” ENDSFurther InformationMartin Grant / 086 078 7868 / martin.grant@centralbank.ieMedia Relations: media@centralbank.ieNotes to editorsEvery year the Central Bank issues a number of collector coin products, on behalf of the Minister for Finance. The Collector Coin Advisory Group advises the Bank in relation to coin themes. The Central Bank invites public submissions in relation to themes. Proof coins are collectable coins and are not intended for general circulation. They are minted using specially polished dies and blanks that give them a mirror-like finish. These coins are struck at least twice during the minting process. They are individually handled and protectively stored in order to prevent tarnishing. This is in comparison to general circulating coins, which are struck once during the minting process and are handled in bulk. 

In the summer of 2012, with bond markets pricing in a chance of a euro breakup, Mario Draghi pledged to do “whatever it takes” to preserve the currency union. It worked: spreads fell, though the programme behind the pledge, Outright Monetary Transactions (OMT), was never used. Despite having no formal relationship with national fiscal authorities, the central bank stepped in because markets had doubts about some governments’ solvency, and this threatened the monetary union’s existence. We are familiar with Sargent and Wallace’s “unpleasant monetarist arithmetic,” and Leeper’s  “active/passive” monetary/fiscal, where fiscal authorities prioritise debt sustainability and monetary authorities price stability. However, the original theory did not anticipate the euro area: one monetary policy with twenty-one fiscal policies. The missing piece is not so much coordination, as it is clear mandates, communicated well.   Price stability is not negotiable, but it requires credible fiscal commitment to debt stabilisation.“Whatever it takes” showed what happens when that fiscal commitment looks fragile. Barred by treaty, the ECB was never going to fund a deficit directly. Instead OMT was designed to make it irrational for markets to bet on a eurozone government losing access to funding. We saw fragmentation risk twice more, during the pandemic – leading to the pandemic emergency purchase programme (PEPP) – and when rates rose rapidly during 2022 – leading to the Transmission Protection Instrument (TPI). None of these instruments finance a deficit in the sense of Sargent and Wallace. They are a softer version of the problem: sovereign market disruptions reshape what the central bank must do to keep monetary policy working across the monetary union.The EU has tackled the problem through a rules-based approach. The 2024 reform of the Stability and Growth Pact aimed to achieve credible national fiscal commitments. With Excessive Deficit Procedures in place for several Member States, the litmus test will be whether country-specific consolidation paths can be achieved. Inevitably, the opposite version of this problem gets less attention, because it looks like good news rather than a crisis. When a Member State is running a surplus – which may or may not be built on solid foundations – it may feel relatively unconstrained in its spending plans.  Such a scenario has obvious implications for price stability, particularly if the economy has little slack. I say all of this as someone who has sat on both sides of this relationship: from 2011 to 2019 I ran the New Zealand Treasury and I now sit on the ECB's Governing Council. What looks like a coordination problem from the outside looks quite different from within each institution. New Zealand operated “consensus assignment,” where monetary policy took the primary stabilisation role and fiscal policy focused on sustainability and building buffers. This was not formally coordinated. Each institution was clear about its own role,  avoided working at cross-purposes, and was independent enough not to be called upon to do the other’s job. It was held together by clarity of mandate and institutional memory of what happens when that clarity breaks down.In a speech just over 8 years ago, reflecting on lessons from the Global Financial Crisis, I wondered whether “better coordination of fiscal, monetary and financial stability policy [would] help lift the economy’s performance over the cycle as well as help lift the economy’s sustainable growth rate”.  Eight years on, a clear answer is that coordination is not always bad. For large shocks, some alignment of fiscal and monetary policy is appropriate. I saw this from the fiscal side when the Christchurch earthquake struck in February 2011, which was followed by a large fiscal mobilisation with comparatively little monetary policy response. During the pandemic, I watched the same dynamic from the other side of the table, as both fiscal and monetary policy moved in the same direction. So, crisis-alignment can be the right call, depending on circumstances. But the lesson is that this type of coordination must not become a standing expectation of fiscal support, thereby undermining central bank credibility and its ability to meet its price stability mandate.Credibility must be actively maintained. I am not just talking about achieving the mandate, but also clearly communicating your actions and the reasons for them. Central banks have spent three decades building public understanding of why price stability matters, through transparent frameworks, plain language, and consistent accountability. Fiscal authorities need the same discipline. The challenge is that the costs of undisciplined public finances are diffuse and delayed, while the benefits of spending are immediate and visible. Making the case for fiscal rules to the citizens who determine whether governments hold to them is itself part of what credibility means. Commitment that lacks public legitimacy will not long survive contact with a political cycle, however firmly it is written into law.To conclude, coordination in the sense of a standing, negotiated division of roles is not credible in the euro area. For large shocks, some alignment is desirable, but grounded in each institution’s mandate, not according to some moveable boundary agreed in advance. The rest of the time, the euro needs twenty-one fiscal authorities that can stick to credible commitments through good times and bad. In this way, the ECB will never have to choose between its mandate and other goals.  Of course, a centralised fiscal capacity – underpinned by a single safe asset – would help but that’s another topic altogether.

Central Bank of Ireland has today launched a new map showing the location of every ATM and cash service points in the country. The public can now also notify the Central Bank if they believe there is insufficient access to cash in their community.From today (Tuesday 30 June 2026), the public can submit a local deficiency notification through an online form available on the Central Bank's website. The Central Bank will carefully assess each notification, consider the specific circumstances of the local community and assess the proportionality of remediation. If we determine that further cash infrastructure should be provided, we will notify the designated entities that are responsible for addressing this (currently AIB, Bank of Ireland and Permanent TSB). This new framework represents an important step in implementing the Finance (Provision of Access to Cash Infrastructure) Act 2025.Data published for March 2026 shows that the overall level of cash infrastructure is largely in line with the criteria set by the Minister for Finance. There are around 4,000 ATMs in Ireland and around 1,200 cash service points. However, in certain instances, there may be specific challenges in accessing cash at a more local level. The local deficiencies framework caters for such possibilities.The public can now access on the Central Bank’s website: Cash access map showing the location of every ATM and cash service points across Ireland, so people can easily find their nearest point to access cash.Local deficiency guidelines – with information explaining what constitutes reasonable and effective access to cash and setting out the Central Bank's assessment process.Local deficiency notification form allowing the public to notify the Central Bank if they think there may be a local access to cash deficiency in their community.Deputy Governor Vasileios Madouros said: "The Central Bank is committed to ensuring that cash remains available as a means of payment for individuals and businesses across Ireland. Today's publication of the local deficiency guidelines and cash access map follows a public consultation and engagement with stakeholders. It represents an important milestone in our role in implementing the access to cash legislation. While our data shows the overall cash infrastructure is largely in line with the criteria set out by the Minister for Finance, we recognise that localised issues may arise. This new framework caters for the possibility of such local deficiencies, and its implementation is a further step towards safeguarding sufficient and effective access to cash across Ireland.”View the cash access map, local deficiency guidelines, and local deficiency notification form.Notes to the Editor24 February 2026: Central Bank of Ireland publishes first access to cash report5 December 2025: Central Bank of Ireland launches Access to Cash consultation24 November 2025: Central Bank of Ireland welcomes announcement of access to cash regulationsFurther InformationMartin Grant / 086 078 7868 / martin.grant@centralbank.ie Media Relations: media@centralbank.ie 

 Warning:Unauthorised Retail Credit Firm Unauthorised Firm NameLoan Empower Solution Websitehttps://www.lesolution.eu Purported addressThe Merrion Buildings, 18–20 Merrion Street, Dublin 2, D02 XH98, Ireland Email address usedcontact@lesolution.eu Phone number used+49 30 1234 5678 Authorisation in IrelandLoan Empower Solution is not authorised as a retail credit firm in Ireland.  Additional informationLoan Empower Solution appears to be engaged in ‘advanced fee fraud’, where a payment is sought upfront for providing credit services, which are then not provided.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscamsThe name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Good morning.It is a pleasure to welcome you this morning to the Central Bank of Ireland and to the tenth annual Macroprudential Conference, organised jointly with the Deutsche Bundesbank, the Nederlandsche Bank, and the Sveriges Riksbank.Let me begin by thanking the scientific committee for bringing together such a distinguished group of policymakers and researchers, and for developing a programme that is both ambitious and timely. Let me also note that it is the first time the conference is held in Ireland and that we are honoured to welcome you in Dublin today.A tenth anniversary is an opportunity to take stock. Since this conference first met in Stockholm in 2015, the financial system has changed significantly. Yet the fundamental purpose of macroprudential policy remains constant: to protect society from the wider costs of financial instability.Households and businesses rely on the financial system to make payments, safeguard savings, manage risks, and finance investment. When the system functions well, it supports economic activity and enhances prosperity. When it fails, the consequences extend far beyond financial markets and financial institutions, affecting communities across society, and often falling most heavily on those least able to bear them.Ireland's experience leaves us in little doubt about those costs. It also however shows the value of building resilience before it is needed. Our macroprudential framework, introduced as Ireland emerged from the financial crisis more than ten years ago, now encompasses borrower-based measures, bank capital buffers, and measures for non-bank finance. These policies cannot prevent every shock, neither should they seek to prevent all risk-taking. Their role is to reduce the likelihood that shocks are amplified by the financial system and to ensure that essential services can continue when shocks occur.Over the past decade, macroprudential policy has moved from a young discipline towards a more established part of our policy frameworks. And, over this period, our collective understanding of this relatively new field of policy has advanced significantly. Indeed, many of the attendees here today have been influential contributors to this advancement. But maturity must not mean complacency. The financial system is changing quickly, and our frameworks must continue to evolve with it.The programme for the next two days illustrates the scale of that change.It ranges from bank supervision and non-bank finance to cross-border payments, central bank balance sheets, resolution, stablecoins and cryptocurrencies. These may appear to be quite different subjects. Together, however, they describe a financial system in which risks can emerge in new places, move through new channels and crystallise with greater speed.The opening session on Silicon Valley Bank is a reminder that vulnerabilities can build over time beneath apparently reassuring indicators. It asks us to distinguish between reacting to losses once they are incurred and responding to risks as they are taken.That distinction captures a central challenge for financial stability policy. We need to be able to see risks forming before they crystallise, while recognising the limits of our knowledge and the costs of acting under uncertainty. This requires good data, sound models and effective supervision. It also requires intellectual openness: the willingness to test our assumptions, to draw lessons from experience, and to recognise where our understanding is incomplete.But identifying risk within individual institutions is only part of the task.Many of the boundaries around which financial policy was built are becoming increasingly blurry. Risks move between banks and non-banks, across markets and jurisdictions, and between the traditional financial system and new forms of digital finance. Cross-border payments remind us that the infrastructure through which finance operates is itself a source of both opportunity and risk.The frontier of macroprudential research is increasingly found in these connections. We need to understand not only individual nodes, but also the network; not only first-round effects, but also amplification and feedback; not only the amount of risk, but where it is held, how it is financed and how it may move under stress.This has practical consequences for policymaking. Frameworks built for one structure of finance may become less effective as activity migrates elsewhere. Measures intended to strengthen one part of the system may shift risk into another. And new technologies can change behaviour more quickly than our data, models or rules can adapt.The answer is not to pursue a financial system without change or without risk. Innovation, risk-taking and the movement of capital are essential to a productive economy. The task is to ensure that the financial system can adapt and innovate while remaining resilient.Research is central to that task. Historical research can reveal recurring patterns beneath apparently novel developments. Conceptual work can identify risks before the data are sufficient for precise measurement. Empirical work can map connections and test how shocks propagate. And policy evaluation can tell us whether measures work as intended, where costs arise and how frameworks can be made simpler without weakening resilience.No central bank can answer these questions alone.  In fact today, we are publishing proposals to enhance the evaluation of our policy-making toolkit.   Underpinned by serious research, careful analysis and wide engagement and consultation, we want to support robust, evidence-based decision-making and ensure that our policy interventions are proportionate, transparent, predictable, connected, forward-looking and agile, and support appropriate consideration of their impacts on the functioning of the wider financial system.  I would welcome feedback on these from a range of stakeholders.Finance is global, while our ability to observe and address vulnerabilities remains, in important respects, national and sectoral. Shared standards, comparable data, candid exchange and mutual trust allow national action to add up to global resilience. At a time when the international order is under strain, we should not take that infrastructure for granted. We should invest in it.The same is true of cooperation between policymakers and academia. Good policy research combines institutional knowledge, high-quality data, methodological rigour and the freedom to challenge established thinking. No institution has a monopoly on those qualities.At the Central Bank of Ireland, our Research Exchange Program is intended to make that cooperation practical. Through visiting scholars, research affiliates, scientific advisers and other partnerships, it connects our researchers and policy work with the wider research community. Applications for the next intake of visiting scholars are currently open and, given the expertise in this room, I would be delighted to see your engagement with the Central Bank of Ireland continue to flourish into the future. This conference is itself an example of cooperation in practice. It brings together four central banks, an exceptional scientific committee, and participants with deep experience of research and policymaking. The fact that it has reached its tenth edition is an achievement. More importantly, it demonstrates a sustained commitment to learning together.Over the past decade, macroprudential policy has become a more established part of the policy framework. The next decade will bring risks and innovations that we cannot fully anticipate today. Our enduring purpose must therefore be matched by a continued willingness to question, to adapt and to cooperate.The discussions over the next two days will not resolve every question on the programme. Indeed, a successful research conference usually identifies new questions as quickly as it answers existing ones. But it can sharpen our understanding, challenge our assumptions and improve the choices we make.The ambition of our research should match the importance of our responsibilities. Through rigorous research, honest reflection and international cooperation, we can build a financial system better able to absorb shocks rather than amplify them, and better able to serve households, businesses and communities through periods of change.Thank you. I wish you a productive and enjoyable conference LinksMacroprudential Conferences | Deutsche Bundesbank10th-annual-macroprudential-conference-dublin-2026-agenda.pdf

The Central Bank of Ireland has today launched a public consultation seeking views on its approach to Regulatory Impact Assessment (RIA) and on its approach to consultation with stakeholders. The consultation forms part of the Central Bank’s ongoing work to deliver a more effective and efficient regulatory framework, building on our recent new supervisory approach and roadmap of regulatory initiatives. It reflects the Central Bank’s commitment to ensuring that regulation remains clear, coherent and proportionate, while continuing to support the protections and resilience on which the financial system depends.Commenting on the launch of the consultation, Governor Gabriel Makhlouf said: “Good regulation matters for consumers and investors, for firms and the wider economy, and for the resilience and stability of our financial system. As markets evolve and the choices facing policymakers become more complex, we have to keep evolving how we develop policy and how we make decisions. “Evidence, analysis, engagement and judgement are central to how we develop policy at the Central Bank of Ireland. This has always been the case and is reflected in the important policy decisions we have made. “This consultation is about strengthening that process: setting out, more clearly and consistently, how we weigh evidence, assess costs and impacts and reach judgements, so that the regulation we deliver is well-founded and well understood.”“By bringing together evidence, analysis and stakeholder perspectives in a structured and proportionate way, we can ensure that our decisions are informed by the best available information." The Governor concluded that the consultation reflected the Central Bank’s broader ambition to be a learning institution.“Effective institutions should be willing to challenge themselves, review their approaches and adapt as circumstances evolve. Good policymaking does not end when a decision is taken.  How a policy is implemented, and the outcomes it delivers, matter just as much. I would encourage everyone with an interest in these issues to engage with this consultation and help us strengthen the way we develop, assess and review policy in the years ahead.”ENDSNotes to EditorsRead more in the Governor’s blog.The Central Bank is interested in hearing from stakeholders across the financial system, including industry, civil society and consumer representatives, the public, policymakers and peer institutions. Submissions are welcomed through the dedicated online submission form, by email, or in writing. The Central Bank will consider all submissions received and will publish a feedback statement in due course.The deadline for submissions is 30 September 2026. 

Good regulation matters. It matters for consumers and for investors. It matters for firms and the wider economy, and for resilience and the stability of the financial system. In the Central Bank, regulation is central to how we deliver our safeguarding outcomes: protecting consumers and investors, maintaining financial stability, supporting the safety and soundness of firms, and protecting the integrity of the financial system.As I have said before, good regulation should be forward looking, connected, proportionate, predictable, transparent and agile.While all are important principles underpinning our current approach, in the current environment I would emphasise that regulation and regulators can’t stand still. As markets evolve, technology advances, business models change, and consumer expectations transform, regulation needs to continue to evolve to promote resilience, to keep pace with rapid innovation in finance, while supporting financial markets to work effectively for consumers, investors and the wider economy.Regulators must adapt too. As the environment becomes more complex and the choices facing policymakers become more difficult and the quality of decision-making becomes increasingly important, it is essential that we evolve how we develop policy and how we make decisions.Our Strategy set out to transform regulation and supervision. Last year, we introduced our new supervisory approach and in December we set out our ambition to deliver a more effective and efficient regulatory framework, including a comprehensive roadmap of initiatives across the breadth of our regulatory and supervisory work. And today, as part of that ambition, we have launched a consultation seeking views on our approach to Regulatory Impact Assessment, and our approach to consultation with stakeholders. The consultation represents another milestone in delivering our ambitions and reflects our commitment to continuous improvement in how we develop, assess and implement regulatory policy. It is central to our  work on making regulation clearer, more coherent and easier to navigate, while maintaining the protections and resilience that the financial system depends on. That work is not about lowering standards or weakening resilience. It is about ensuring that regulation remains effective, proportionate and responsive as circumstances evolve.By outlining our proposed approach to Regulatory Impact Assessment, we are taking the next step in strengthening how we develop, assess and review policy interventions across the financial system. Evidence, analysis and decision makingEvidence, analysis, engagement and judgement are central to how we develop policy at the Central Bank of Ireland.  This has always been the case and is reflected in the important policy decisions we have made.The aim of the proposals being announced today is to better – and more fully – deliver on this approach to policy, making it more consistent, more transparent and more firmly embedded across the organisation and throughout the policy lifecycle. Good policymaking depends not only on the decisions that are ultimately reached, but also on the process through which those decisions are made. That means being clear about the problem we are trying to solve and about the outcomes we are seeking to achieve. It means considering alternative approaches and challenging our own assumptions.At its core, good policymaking is about combining evidence, analysis, experience and judgement. And it requires an assessment of likely impacts, including costs, benefits, risks and unintended consequences.No single source of information is sufficient on its own.Research helps us understand emerging trends and risks.Data helps us understand how markets, firms and consumers behave.Supervisory experience helps us understand how regulation operates in practice.And engagement with stakeholders helps us understand perspectives and consequences that may not otherwise be visible.Bringing these insights together is not always straightforward. But doing so is essential to support the judgement of policymakers in making decisions that are effective, proportionate and deliver the outcomes they are intended to achieve.By bringing together evidence, analysis and stakeholder perspectives in a structured and proportionate way, Regulatory Impact Assessment supports good policymaking, helping to ensure that decisions are informed by the best available information. Better-informed decisions are more likely to deliver the outcomes we are seeking to achieve And it matters because regulatory decisions have real-world consequences,  affecting consumers and investors, firms and markets and  the ability of the financial system to support the wider economy.Learning and improvingThe proposals we are consulting on also reflect a broader principle. Effective institutions should be learning institutions.They should be willing to challenge themselves, review their approaches and adapt as circumstances evolve. For regulators, good policymaking does not end when a decision is made. How and when policy is implemented, and the outcomes achieved, matter. This is why assessment, consultation, implementation and review should all be viewed as part of a continuous process of learning and improvement.The objective is not better process but better decisions leading to better regulation.Better regulation, in turn, leads to better outcomes for consumers, investors, firms and society as a whole. That is the objective that sits behind the consultation we have launched today.I encourage everyone with an interest in these issues to engage with them and help us strengthen the way we develop, assess and review policy interventions in the years ahead. 

Good morning and thank you to BIPAR for inviting me to speak at your event today, as we approach the start of the Irish Presidency of the Council of the European Union. As the financial sector continues to evolve, the contribution of intermediaries remains as important as ever. Around 2,500 of the 3,300 firms the Central Bank of Ireland supervises are retail intermediaries. They provide a critical distribution channel for insurance, pensions, investments and mortgages. The extensive network of intermediaries here in Ireland, and across the EU, helps to ensure that consumers can access professional advice and the products and services they need. I would like to start therefore by examining how these consumer needs are evolving and the specific role of insurance and financial intermediaries.Evolving Consumer Needs and the Role of the Retail Intermediaries Sector Consumer needs and expectations are changing rapidly, largely driven by technology. Our 2026 Regulatory and Supervisory Outlook Report notes that advancing digitalisation and changing consumer expectations are reshaping the nature, form and delivery of financial products.1 Technology is increasing the pace at which consumers demand to receive services, the quality of the information they expect and the range of places they go to get advice about their finances (including via social media and AI). This digitalisation of consumer financial services is, on balance, positive for consumers.  But it is also introducing new risks and challenges.2 As highlighted in the OECD’s 2026 Consumer Finance Risk Monitor3 ,these risks include the rising level of online frauds and scams as well as digital exclusion. That Risk Monitor also notes that consumer financial products and services are becoming more complex, and that globally consumer complaints about financial services are on the increase.Against this backdrop, retail intermediaries have a unique role to play in helping consumers navigate complexity by delivering professional advice in an increasingly fast paced digital landscape. The regulated intermediary also has an important role to be the trustworthy actor in a landscape where it can be increasingly difficult to tell what is regulated from what is not.  Savings and Investments Union and efforts to grow retail participationFor the benefits of financial services to be realised, consumers must be supported to participate in them. Here again, intermediaries have a critical role to play. For the most part, that support to participate in financial services is there – and augmented most recently here in Ireland by the provisions we have introduced in the Consumer Protection Code, for example to support mortgage and insurance switching. But it remains the case that more can be done to better mobilise Europe's substantial household savings4 toward productive investment, supporting innovation, growth and the transition to a more sustainable economy. For individual citizens, this represents an opportunity to better provide for their long-term financial needs, including retirement. The Savings and Investments Union is an important initiative to achieve these goals and one the Central Bank of Ireland supports. A key element of the Savings and Investments Union is the development of investment accounts, following the European Commission's recommendation on this topic. I welcome the discussion taking place through the Savings and Investment Forum to advance a framework for a Personal Investment Account here in Ireland. These Personal Investment Accounts have the potential to make investing more accessible to ordinary savers and to better position retail investors for the future. Regulatory frameworkTo support this ambition of greater retail participation in capital markets, the regulatory framework must provide confidence to consumers that they are protected. It must also be fit for purpose for the times we are in, and the challenges we can anticipate.The EU’s Retail Investment Strategy aims to achieve a more coherent cross-sectoral framework governing the manufacture and distribution of retail investment products, and advice on those products. In the face of the trends I have mentioned, this is to be welcomed. Here in Ireland, we have also been proactive in modernising our rulebook. The Central Bank’s new Consumer Protection Code strengthens requirements on firms:to act in consumers’ best interests, to move from mere disclosure to informing consumers effectively, to put consumers at the heart of digital design, to better manage conflicts of interest, and to recognise and deal appropriately with consumers in vulnerable circumstances.The proper implementation of these requirements will underpin the protection of consumers who seek to make greater use of the opportunities financial services offer, including through the Personal Investment Account.It will be a core concern of the Central Bank to see that the standards set are indeed met. Regulating and Supervising WellThe Central Bank of Ireland is committed to ensuring that our regulatory and supervisory framework is fit for purpose. This means many things but it includes having a simplification mindset. Rules must be understood, applied predictably, and achieve their purpose without unnecessary burden or complexity.That is why we chose not just to participate in national and EU measures to simplify regulation, but to also publish our own simplification roadmap for ourselves.  We remain committed to delivering each of the 21 separate items in that roadmap within the timelines it specifies.  This does not mean lowering standards, as our mandate and objectives have not changed but it does mean we are open to simpler ways of achieving them.  We have also sought to enhance our gatekeeping process (of critical importance to intermediaries) to be clearer, more transparent, more efficient and more predictable. We continue to do so through our ongoing work to centralise our gatekeeping functions, invest in technology and deepen our understanding of innovation.5 Our annual Authorisation and Gatekeeping Report6 will continue to provide transparency on our progress.It is also instructive to consider what simplification means from the point of view of consumers. I believe firms can do more to make their own product lines and service delivery simpler for users. A more integrated approach to supervision Consistent with our commitment to ensure we remain effective and efficient into the future, in January 2025 the Central Bank launched a new approach to how it supervises financial services.7 This more integrated supervisory approach is enabling us to draw better risk-based insights and support a more joined-up view of firms, markets and consumers. This is especially beneficial to the supervision of firms and business models that traverse a range of ‘sectors’, as is often the case for intermediaries. And the Central Bank continues to play its part in fostering coherence in our supervisory approach at EU level, where we have consistently supported outcomes focused, risk based supervisory convergence. Some specific areas of supervisory focusI want to conclude by sharing with you some areas the Central Bank identified in our 2026 Regulatory and Supervisory Outlook8 of particular relevance to retail intermediaries. These are driven by our commitment to tackling the issues of greatest impact for consumers in their day-to-day lives – including as evidenced by the complaints those consumers themselves have been making. Consumer experience and vulnerability: How firms treat customers, how they respond to queries, how firms handle complaints – these are the moments that build or undermine trust. This year we will conclude a cross-sectoral thematic review which includes a focus on the customer support that firms (including retail intermediaries) have in place. We will also commence a review of how firms identify and treat customers in vulnerable circumstances – recognising vulnerability is not always a static, innate or permanent characteristic and that certain customers at certain times will require additional support.Commissions and conflicts of interest: The remuneration arrangements used in a sector inherently influence the behaviour of individuals working in that sector. Properly designed, they promote availability and choice, high standards and good consumer outcomes. Poorly designed, they incentivise mis-selling, product churn and poor value for money. This year we will commence a cross-sectoral review of certain intermediary commission arrangements to understand how they are designed and managed to secure consumers’ best interests.Unregulated financial activities: I mentioned earlier how difficult it is becoming for consumers to tell clearly what is regulated and what is not. This includes where regulated financial service providers choose to also sell products of a financial nature that are not regulated. Our Consumer Protection Code now includes specific provisions on how firms must manage the risk this inevitably brings that a consumer will purchase an unregulated product or service thinking it to be regulated. Our new requirements mean regulated firms are unlikely to be able to offer, under the same or similar branding, unregulated things that resemble regulated things. Shortly, we will commence a review to ensure this new provision has been implemented properly.ConclusionRetail intermediaries have a valuable role to play in supporting the financial wellbeing of consumers. You are often the first point of contact for consumers navigating complex financial decisions. You see consumer needs and vulnerabilities before anyone else. This puts you in a position of significant influence and responsibility.This is all the more important as technology drives rapid change and policy makers look to enhance retail participation. Consumers will be making more financial decisions, more rapidly and in more complex circumstances. More consumers will be seeking advice and from a wider range of sources. More consumers will be relying on intermediaries to guide them through increasingly complex choices.You can shape the outcomes these consumers have in a positive way – helping people build financial resilience, plan for their future, and navigate life's challenges. This requires a commitment to putting consumers’ interests first, managing conflicts effectively, and maintaining the trust that is essential to the proper functioning of financial markets. It also requires that you internalise the implications of technology for the services you provide into the future.The Central Bank of Ireland will continue to support those who work to get it right for their customers and hold to account those who fall short. As we enter the Irish Presidency, I look forward to hearing about the opportunities you see to enhance the financial services consumers and investors receive – now and into the future. Thank you.[1] Supervisory Outlook Report 2026 [2] Eurobarometer survey: The digital decade (2024)[3] Consumer Finance Risk Monitor 2026 [4] EU households hold around €39.5tr in financial assets, of which €10-12tr is held in cash and deposits. [5] Opportunities and responsibilities – international financial services in fragmenting times - Speech by Deputy Governor McMunn[6] Authorisations and Gatekeeping Report Edition 3 [7] Our Approach to Supervision [8] Regulatory & Supervisory Outlook 

Inflation forecasts have been revised upwards notably, to 3.5 per cent this year and 2.9 per cent in 2027Weaker consumer spending expected in 2026 but continued growth in MDD is projected over the forecast horizon with MNE-related investment playing a prominent role GDP fell sharply in the first quarter of 2026, highlighting its sensitivity to the (onshore and offshore) activities of a small number of multinational enterprisesA swift resolution to the conflict would see oil and gas prices fall below baseline assumptions, supporting modestly stronger MDD growth and lower inflation than in the central forecast.The Central Bank has today (18 June 2026) published its second Quarterly Bulletin of 2026. At the launch of the Quarterly Bulletin, Robert Kelly, Director of Economics and Statistics said: “The global economy continues to face challenges and heightened uncertainty arising from the conflict in the Middle East. With the disruption in the Strait of Hormuz continuing into its fourth month, despite news of a resolution, uncertainty remains.”“Even when the conflict is fully resolved the restoration of supply chains will take an extended period. Accordingly, there has been exceptional volatility in spot prices for oil alongside related commodities and more persistent challenges to supply leading to a higher outlook for energy prices generally than at the time of our March forecasts. For Ireland, higher energy costs are eroding household real incomes and damping consumer confidence, while also feeding through to broader inflationary pressures. The conflict poses complex risks to global supply chains beyond energy, with potential downstream effects on production costs and economic activity. Against this backdrop, domestic economic policy faces the dual challenge of supporting those most vulnerable and enabling households and firms build resilience to these shocks generally, while avoiding measures that unnecessarily add to demand or entrench inflationary pressures within the economy.”These developments have led to changes to the economic outlook that prevailed before the conflict, with somewhat divergent views on consumer spending and business investment. Modified domestic demand (MDD) growth is projected to moderate, reflecting the damping effects of higher energy prices on real incomes and consumption. However, the momentum in MNE-led investment is expected to be significant in contributing to overall MDD growth over the forecast horizon. Against this uncertain backdrop, the preliminary National Accounts data for Q1 2026 epitomised the dual nature of the Irish economy. MDD grew strongly, heavily influenced by multinational-dominated investment, particularly in AI and data centre-related capital goods. In contrast, headline GDP contracted sharply during the quarter, reflecting base effects from the volatile swings in exports of polypeptide hormones last year and a contraction in offshore goods trade. These divergences underscore the necessity of looking beyond headline measures to understand underlying momentum in the domestic economy.Inflation forecasts have been revised upward notably: 3.5 per cent in 2026 and 2.9 per cent in 2027 under the baseline, with energy prices the primary driver. The outlook for energy prices is substantially higher than assumed in the March Bulletin and a range of outcomes are possibly given ongoing geopolitical uncertainty. In a severe scenario assuming higher and more persistent global energy prices, inflation could approach 5 per cent in 2027, while a swift resolution to the conflict could bring it slightly below the 2.9 per cent projected in the baseline.Direct energy price effects are clearly visible in headline inflation. Indirect effects are also evident, as higher energy costs feed into production costs, transport, and prices for energy-intensive goods and services. Services inflation has remained elevated. The key risk is second-round effects — workers seeking nominal wage increases to compensate for real income losses, and firms passing these higher labour costs into consumer prices. While no widespread evidence of such effects has emerged, the risk remains significant.The unemployment rate has increased over the past year with forecasted rates above 5 per cent for the first time since 2021. The seasonally-adjusted unemployment rate in Q1 2026 measured 5 per cent, up from 4.6 per cent in Q4 2025 and the highest level since Q4 2021. This increase would have been larger if not for a decline in labour force participation amongst 15-24 year olds as those leaving employment moved out of the labour force rather than into unemployment . This pattern is consistent with seasonal fluctuations in the youth labour market activity as participation rates typically peak in Q2 and Q3 as younger cohorts seek summer employment. These movements are expected to add to aggregate employment growth in 2026 despite the weak Q1 outturn. GDP fell by 17.1 (12.1) per cent year-on-year (quarter on quarter) in 2026 Q1, driven by a sharp drop in both polypeptide-hormone exports and net trade related to offshore goods. This was a significant negative surprise relative to the flash estimate of a 6 per cent (year-on-year) decline released by the CSO in April 2026. The reasons for the decline are concentrated in the pharmaceutical sector, in particular, a sharp drop in both cross-border goods exports (which were exceptionally large in the first quarter of 2025, partly due to a frontloading effect from expected tariffs) and MNE-related offshore net trade. The former is driven by the dynamics of exports of polypeptide hormones, a key component of weight-loss drugs, which were extremely volatile through 2025. Global demand for these products produced in Ireland is expected to be solid over the medium term. ENDSFurther information - The Bulletin presents a baseline forecast alongside three alternative scenarios to reflect the exceptional uncertainty around the outlook:Milder scenario: A swift resolution to the conflict would see oil and gas prices fall below baseline assumptions, supporting modestly stronger MDD growth and lower inflation than the 2.9 per cent baseline forecast for 2027.Adverse scenario: In the adverse scenario, global oil and gas prices rise by 10 and 14 per cent, respectively, above the baseline in 2026, with prices remaining persistently higher than the baseline out to the end of 2028. In the this scenario, inflation would increase by 0.3 percentage points above the baseline projection and MDD growth would be 0.2 percentage points lower in 2026.Severe scenario: In the severe scenario, the equivalent increases in oil and gas prices above the baseline in 2026 are 32 and 63 per cent, respectively. Persistently higher energy and food commodity prices could push inflation toward 5 per cent in 2027 while significantly slowing growth. Broader global supply chain disruptions — including sharp price increases in fertilisers and helium, a critical semiconductor input — pose further downstream risks not fully captured in these scenarios.Signed article info –Today, we are publishing a Signed Article that assesses the medium-term outlook for the public finances. The analysis finds that the headline and underlying (excluding windfall CT) budget balances are forecast to deteriorate out to 2030, with a lower proportion of estimated windfall corporation tax being saved. Continued spending overruns would further deplete fiscal buffers, with the underlying deficit deteriorating to 6 per cent of GNI* (or €25.7 billion) by 2030, adding to inflationary pressures and limiting the government’s capacity to respond to future negative shocks. While expenditure has increased significantly, the tax base has become more dependent on uncertain corporation tax (CT) and needs to be broadened to finance the substantial increases in future age-related spending and to mitigate the risk from a potential loss of corporation tax. The planned increases in government capital spending can alleviate bottlenecks and boost long-term growth, but effective implementation is needed to maximise these gains. An effective fiscal anchor would help to prevent overheating during periods of strong demand and high inflation, while enabling supportive fiscal policy during downturns, thereby lessening the risk of repeated boom-bust cycles.  Further information Media Relations: media@centralbank.ie

 Warning:Unauthorised Investment Firm / Investment Business Firm / Crypto-Asset Service Provider  Unauthorised Firm Name Lambestone Holding Limited (CLONE) Website• www.lambestoneholding.com• www.secured.lambestoneholding.com• www.lambestone.com/en/  Email address used• support@lambestone.com• thomas.clark@lambestone.com• support@lambestoneholding.com Telephone Numbers used• + 44 7935319927• + 44 2045798184• + 579 9845330• + 1 782 612 0080• + 16472438410• + 442081500056 Authorisation in IrelandLambestone Holding Limited (Clone) is not authorised to operate as an investment firm or provide crypto-asset services in Ireland. Additional InformationThis scam firm cloned the details (name, address and CRO number) of a registered CRO company in order to add an air of legitimacy to the scam.  It should be noted that there is no connection whatsoever between the legitimate CRO company and the scam entity.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscamsThe 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 FirmUnauthorised Firm NameMakoTrade Website addresshttps://www.makotrade.netEmail address usedsupport@Makotrade.comAuthorisation in IrelandMakoTrade purporting to be part of the BlauStein Investitionen Gruppe is not authorised as an investment firm or an investment business firm in Ireland.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.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 / Investment Business FirmUnauthorised Firm NameAllianceBernstein Limited (CLONE)Email Address’s• clientservices@abprivatemanagement.com• info@abprivatemanagement.comAuthorisation in IrelandAllianceBernstein Limited (Clone) is not authorised to operate as an investment firm or investment business firm in Ireland.Additional InformationThis scam firm cloned the details (name and address) of the legitimate Central Bank authorised firm in order to add an air of legitimacy to the scam.  It should be noted that there is no connection whatsoever between the legitimate Central Bank authorised firm and the scam entity.Notes:Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.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.