Yes, the Central Bank calculates and publishes the credit gap every quarter as part of its review of the CCyB rate.
The credit gap was given a prominent, although not dominant, role in the CCyB framework due to research showing it was the best single leading indicator of systemic banking crises. See Drehmann et. al 2010 (PDF).
However, the standardised credit gap can have some undesirable properties and may therefore not be applicable in all countries and at all times. These shortcomings can arise from both the data employed and/or the statistical approach used.
One of the emerging lessons in Europe from the operation of the CCyB to date is the view that the role of the credit gap in informing rate decisions should be only one element of a much broader assessment of cyclical risk conditions – see for example views expressed by the ECB and ESRB.
Given the structure and idiosyncrasies of the Irish economy, the standard credit gap metrics are of limited policy applicability. The Central Bank also continues to investigate and assess alternative methodologies which may provide more meaningful and intuitive estimates for the credit cycle in Ireland – see, for example, O’ Brien, O’ Brien and Velasco (2018) and O’ Brien, O’ Brien and Velasco (2018).