The Central Bank of Ireland has issued a statement noting the recommendations made in the report of the Committee of Inquiry into the Banking Crisis. The Central Bank of Ireland acknowledged the report describes the failure to identify risks to financial stability but Governor Lane also pointed to the institutional reforms introduced since the banking crisis, including the Central Bank's implementation of the current assertive risk-based approach to regulation. Deputy Governor Cyril Roux said "Banking regulation and supervision today have little in common with the previous decade" pointing to significant increases in capital requirements for banks and the introduction of increased regulatory requirements. The Deputy Governor also pointed to the fact that the supervisory responsibility for the larger banks in Ireland has been transferred to the ECB, and that banking resolution powers have been transferred to the Single Resolution Board from 1 January 2016. He said "daily banking supervision is now conducted according to a detailed ECB supervisory manual, including frequent and intrusive onsite inspections".