We have developed the draft Regulations and the draft IAF Guidance within the spirit and constraints of the legislation. In doing so, we have been guided both by our Strategy and by our regulatory philosophy.

These set out our overall approach to regulation, which we believe must be forward looking, connected, proportionate, predictable, transparent and agile.

We aim for a financial system which has the trust and confidence of those whom it serves. We are focused on creating the regulatory context in which customers' needs and those of the economy are served by effective competition amongst firms, and the potential benefits of innovation for society can be realised, while the risks are effectively managed.

Such a financial system will not only be positioned to support the interests of consumers and needs of the economy in Ireland, but also to continue to fulfil its potential in the European and wider international context.

The Central Bank Strategy

Our four strategic themes are (i) safeguarding; (ii) future-focused; (iii) transforming; and (iv) open and engaged.

Safeguarding reflects our steadfast commitment to strengthen the design, implementation and operation of our core policy and supervisory frameworks. We will continue to evolve these policy frameworks and approaches, strengthening our ability to maintain price stability and the resilience of the financial system, while ensuring the best interests of consumers are protected. This is to be done within an overall system that functions effectively to provide choice and availability of product and services to individuals and businesses.