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Ireland: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2022: Issue 293
Language:
English
Publication Date:
09 Sep 2022
DOI:
https://doi.org/10.5089/9798400217876.002
ISBN:
9798400217876
ISSN:
1934-7685
Pages:
52
Keywords:
bank funding; bank lending; CRE market vulnerability; lending to SME; bank sector; commercial real estate; Housing prices; Mortgages; Financial sector stability; Macroprudential policy instruments; Credit; Global
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Ireland is a small open economy that is part of a monetary union and has a major financial system. Within the Euro Area (EA), Ireland comprises a relatively small proportion of aggregate GDP (3.4 percent), of which a significant portion is attributable to foreign-owned multinational enterprises (MNEs). Yet, the Irish financial system holds assets of EUR 7.9 trillion, over 18 times GDP. Since monetary policy is carried out by the European Central Bank (ECB) for the entire EA, macroprudential policy has the potential to play a critical stabilizing role for the Irish financial system.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund