Ed Sibley: The Irish mortgage market - 2018 and beyond

Remarks by Mr Ed Sibley, Deputy Governor (Prudential Regulation) of the Central Bank of Ireland, to the Institute of Banking Breakfast briefing "The Irish Mortgage Market - past, present and future", Dublin, 6 June 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
22 August 2018
by Ed Sibley
PDF full text
(509kb)
  |  14 pages

Introduction

Good morning. I would like to thank the Institute of Banking for arranging today’s event.

The housing and mortgage market in Ireland continues to attract significant public attention. The challenges in the housing market are a cause of real concern for many citizens.

The interplay between the availability of suitable housing, house prices and the mortgage market are critical dynamics in the economy and society as a whole. Furthermore, as we continue to deal with the toxic legacies of the financial crisis, both conduct and prudential related, it is clear that elements of dysfunction remain in both the housing market and the mortgage market.

In my remarks today, I will cover:

  • the key characteristics of a functioning mortgage market;
  • the Irish housing market;
  • the Irish mortgage market today;
  • macro prudential measures; and
  • mortgage interest rates and switching.