Ireland:Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools

Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools

Volume/Issue: Volume 2022 Issue 293

Publication date: September 2022

ISBN: 9798400217876

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , bank funding , bank lending , CRE market vulnerability , lending to SME , bank sector , commercial real estate , Housing prices , Mortgages , Financial sector stability , Macroprudential policy instruments , Credit , Global

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Summary

Ireland is a small open economy that is part of a monetary union and has a major financial system. Within the Euro Area (EA), Ireland comprises a relatively small proportion of aggregate GDP (3.4 percent), of which a significant portion is attributable to foreign-owned multinational enterprises (MNEs). Yet, the Irish financial system holds assets of EUR 7.9 trillion, over 18 times GDP. Since monetary policy is carried out by the European Central Bank (ECB) for the entire EA, macroprudential policy has the potential to play a critical stabilizing role for the Irish financial system.