Quarterly Bulletin Articles 

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DateTitle and Description
Analysis of Recent Monetary Operations and Financial Market Developments04/04/2014Analysis of Recent Monetary Operations and Financial Market Developments
In this article we review 2013 and early 2014, examining the main changes to the ECB’s operational framework and the evolution of Eurosystem lending, particularly the Early Repayment Operations (EROs) relating to the two 3-year Longer Term Refinancing Operations (LTROs). The article studies the use of the ECB’s standing facilities, while it also reports on the improvements in money markets over the review period. Finally, we also examine the Irish sovereign’s on-going return to debt markets before briefly analysing changes in TARGET2 balances over 2013.
Central Bank Communications A Comparative Study04/04/2014Central Bank Communications A Comparative Study
Central bank communication has increased significantly over the past two decades and has continued to evolve since the onset of the financial crisis. We first discuss the theoretical and empirically measured merits of central bank transparency. We then survey the communication practices of central banks in ten advanced economies, comparing and contrasting their frameworks across press conferences and statements, the publication of minutes and transcripts, the horizon and scope of the forecasts that they publish and the use of forward guidance in its various forms.
Irish Results of the BIS Foreign Exchange and Interest Rate Derivatives Survey 201304/04/2014Irish Results of the BIS Foreign Exchange and Interest Rate Derivatives Survey 2013
The Central Bank of Ireland participated in the most recent survey of global turnover in foreign exchange and over-the-counter single-currency interest rate derivatives. The survey is coordinated by the Bank for International Settlements every three years, and Ireland has participated since 1995. The survey results for Ireland show a sharp fall in turnover in both foreign exchange and interest rate derivatives since the last survey in 2010.
Some Implications of New Regulatory Measures for Euro Area Money Markets29/01/2014Some Implications of New Regulatory Measures for Euro Area Money Markets
A number of banking and financial market regulations have been proposed in response to the financial crisis; in particular the Basel III solvency and liquidity rules.
Trends in Business Investment29/01/2014Trends in Business Investment
This article examines trends in business investment in Ireland. Consistent with the international evidence on investment cycles, we show that business investment in Ireland exhibits large cyclical movements around a long-run trend relative to GDP.