Financial Stability Review 2021 I

After more than a year of COVID-19 restrictions, the expansion of vaccination programmes - globally and domestically - provides a clearer path to economic recovery. Nevertheless, the recovery is likely to be uneven across countries and sectors and could be susceptible to unexpected setbacks. Domestically, the policy response to the pandemic has cushioned the impact of the shock on households and businesses, with the full extent of borrower financial distress likely to become apparent only as government supports start to unwind. The Irish banking system has absorbed losses stemming from the pandemic and has the capacity to continue supporting households and businesses, even in economic outcomes considerably worse than currently expected. The Central Bank's macroprudential policy stance enables the banking system to continue absorbing the shock and to support the recovery.

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