"While the economic recovery is well established, Ireland is still deeply affected by the legacy of the crisis. High outstanding debt levels and the substantial stock of non-performing loans (NPLs) pose ongoing financial stability risks," Philip Lane said in a speech

"There has been significant progress. However ... the current pace of NPL reduction is too slow: continued efforts, strategy refreshes, dedication and innovation are needed to speed up the process." 

(Reporting by Padraic Halpin; Editing by David Goodman)