The Central Bank's Deputy Governor Ed Sibley has said the associated human cost of the financial crisis was "immense".

Speaking at a "Behind the Headlines" event in Trinity College in Dublin this evening, Ed Sibley said the effects of the crisis 10 years ago are still being felt today by too many.

These include those that are still directly affected by high levels of personal debt and indirectly by the "dysfunction" that still exists in the housing market.  

"The emergency brake applied to housing construction in 2008, is still being felt acutely today," Mr Sibley said.

He also highlighted the still high level of non-performing loans and capability issues in critical areas, including in IT risk management, as legacies of the crisis. 

"Resolution plans are not yet fully implementable, meaning that there is further work to be done to remove implicit taxpayer support for the larger banks," the deputy Governor said.  

Acknowledging that reforms introduced since the crisis have increased the resilience of the system, he also detailed some of the persistent legacy issues that the Central Bank sees in the financial system.

These include the findings of its recent work on culture and behaviour.

He said that these factors continue to present risks to the system and hamper the rebuilding of public trust.

On the outlook for the financial system, Mr Sibley said clouds remain on the horizon. 

"One can hope that future storms are not as severe as the last one, but storms there undoubtedly will be," he said.

"Building resilience now, for individuals, governments and banks will serve us well for future downturns, whatever the cause may be. It will also help with the pressing need to restore trust in the system, a foundation of which is that financial institutions are trustworthy," he said.

Ed Sibley said that all of the actions taken during the crisis, and the changes made in its aftermath are to support the vital, public interest mission of the Central Bank. 

"That is to safeguard the stability of the financial services system and protect consumers," he added.