In its report, the CBI discusses the improvements that the Irish economy and banking sector were displaying throughout 2014 and continue to display. The Single Supervisory Mechanism (SSM) came into force in November 2014, transferring the supervisory responsibility for the main Irish banks to the European Central Bank and the national competent authorities of participating EU countries. In preparation for this change, the CBI extensively reorganised its resources for the supervision of banks during 2014. The annual performance statement (the statement) details how the CBI focused on the supervision of mortgage arrears and distressed SME loans on banks’ balance sheets and reports progress being made on the management of these issues during the year. The statement also refers to the improvements to the culture and compliance of investment firms and fund service providers as a result of the CBI's supervision. As a result of the Administrative Sanctions Procedure, fines totalling €5.42m were levied throughout 2014. The CBI also reviewed its anti-money laundering (AML) and countering the finance of terrorism (CFT) supervisory strategy in 2014 and plans to conduct 32 AML inspections during 2015 as well as continuing to conduct AML/CFT risk evaluations. The statement also outlines the CBI's Performance Plan for 2015. The CBI is reporting a financial profit of €2.1 billion for 2014, with €1.7 billion being paid to the Exchequer after retained earnings. The full report and annual performance statement are available on www.centralbank.ie.