Minding the Tails: Safeguarding Resilience of Non-Bank Finance
Summary
Deputy Governor Vasileios Madouros of the Central Bank of Ireland delivered a policy speech at Irish Funds on 9 April 2026 addressing tail risks and resilience in non-bank finance. The speech highlights the widening range of possible outcomes driven by geopolitical unpredictability and structural shifts within the financial system. Madouros notes that non-bank entities now hold approximately half of global financial assets, while Ireland's funds sector manages close to €6 trillion in assets under management, serving investors across Europe and globally.
What changed
This document is a policy speech delivered by a senior official of the Central Bank of Ireland. It does not introduce new regulations, amend existing rules, or impose compliance obligations. The speech frames non-bank finance as a valuable but risk-exposed sector, noting that widening possible outcomes and geopolitical unpredictability have increased the likelihood of systemic shocks.
The speech is informational in nature. Fund managers, asset managers, and investors active in Irish-domiciled funds should be aware of the Central Bank's supervisory focus on tail-risk scenarios and non-bank interconnections, as articulated by the Deputy Governor. No immediate compliance actions or deadlines arise from this document.
Archived snapshot
Apr 21, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Vasileios Madouros: Minding the tails - safeguarding resilience of non-bank finance
Speech by Mr Vasileios Madouros, Deputy Governor of the Central Bank of Ireland, at an event, organised by Irish Funds, Dublin, 9 April 2026.
Central bank speech | 20 April 2026 by Vasileios Madouros PDF full text (360kb) | 9
pages Good morning. I am delighted to join you here this morning – and thank you to Irish Funds for organising this event.
As you know, a key part of our job at the Central Bank of Ireland is to focus on 'tail risks'. Not just what we expect will happen, but what could happen.
And the range of possible outcomes that could happen has recently widened considerably. What might have been considered close to unthinkable a few years ago, is no longer so.
Unpredictable geopolitical developments – including the ongoing conflict in the Middle East – have increased the likelihood of shocks hitting the global economy and the financial system.
In parallel, there are ongoing shifts happening within the financial system, with the emergence of new activities, new business models and new interconnections.
Chief amongst these is the continued growth of non-banks, a diverse sector that now holds around half of global financial assets and is at the heart of capital markets functioning.
Today, I want to talk about how we navigate this environment to safeguard resilience of this valuable source of financial intermediation, supporting the broader economy.
Opportunity, amid uncertainty
But before I do that, I want to talk about opportunity. Because we should not let uncertainty be a barrier to seizing the opportunities available – of which there are several.
Ireland's funds sector already plays an important role in intermediating flows of capital, with close to €6 trillion in assets under management, serving investors in Europe and globally.
This activity entails many economic benefits, including enabling retail investors to access capital markets and diversifying funding sources for companies.
The views expressed in this speech are those of the speaker and do not necessarily reflect those of the BIS. About the author Vasileios Madouros More from this author
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