Quarterly Bulletin Articles 

   Publications - [Displaying results 1 - 8 of 8]
DateTitle and Description
Irish Residential Mortgage-Backed Securities – Preliminary Analysis of Loan-Level Data02/10/2014Irish Residential Mortgage-Backed Securities – Preliminary Analysis of Loan-Level Data
The European DataWarehouse, established in July 2012, provides access to publicly available information on European Asset-Backed Securities (ABS). There was limited detailed information on the underlying securities in Irish Residential Mortgage-Backed Securities (RMBS) prior to this time. This loan-level dataset allows investors in ABS to analyse the underlying assets. It also facilitates a detailed economic analysis of the underlying mortgage characteristics of Irish RMBS. This dataset supplements other currently available Central Bank of Ireland data sources, allowing a comparative analysis to be performed. This article analyses the underlying mortgages in the Irish RMBS dataset, focusing on Loan-to-Value and Loan-to-Income ratios, and mortgage arrears.
Ireland and the Macroeconomic Imbalance Procedure24/07/2014Ireland and the Macroeconomic Imbalance Procedure
The Macroeconomic Imbalance Procedure (MIP), introduced in late 2011, is one of the key components of the reformed European economic governance framework. With its goal of ensuring that macroeconomic imbalances do not emerge as they did in the 2000s, the MIP is part of a strengthened EU economic surveillance framework and is designed to complement the revised Stability and Growth Pact. While it is not clear to what extent the presence of an MIP in the last decade would have reduced Irish imbalances before the financial crisis, it would, at the very least, have placed more of a spotlight on credit and competitiveness developments. With Ireland exiting its Economic Adjustment Programme in December 2013 it is now subject to the MIP. There has been a reduction in the scale of Irish imbalances since the recession; internal imbalances are improving but some will take time to unwind from their current high levels, while external imbalances are currently less of a concern.
Reinsurance in Ireland:Development and Issues24/07/2014Reinsurance in Ireland:Development and Issues
Ireland has the second-highest number of reinsurance companies in Europe, with its asset size corresponding to over 30 per cent of GDP. The Irish reinsurance industry plays a significant role in the global market. Using aggregated company-level data, the contribution of reinsurance to the Irish economy is shown to be relatively low compared with other insurance businesses. This article examines factors which contribute to reinsurance companies locating in Ireland, and attempts to review the potential implications for the reinsurance industry from the introduction of the new EU regulatory framework, Solvency II. The financial stability considerations arising from the location of these companies in Ireland are also explored.
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.