| ||Date||Title and Description
|02/10/2014||Irish 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.
|24/07/2014||Ireland 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.
|24/07/2014||Reinsurance 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.
|04/04/2014||Analysis 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.
|04/04/2014||Central 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.
|04/04/2014||Irish 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.
|29/01/2014||Some 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.
|29/01/2014||Trends 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.