Vasileios Madouros: Remarks - annual conference of the Society of Chartered Surveyors Ireland

Remarks by Mr Vasileios Madouros, Deputy Governor of the Central Bank of Ireland, at the annual conference of the Society of Chartered Surveyors Ireland, Dublin, 7 December 2022.

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

Accompanying slides of the speech

Good morning. 

Thank you for the invitation to speak at your annual conference.

A key priority for us at the Central Bank is enhancing our engagement with the public that we serve. This engagement is crucial in two ways. First, it helps strengthen our own understanding of developments in the economy and financial system. Second, it gives us the opportunity to explain to the public what the Central Bank does and – importantly – why.  Both of these dimensions are necessary for delivering our mandate effectively. 

Over a number of years, engagement with the SCSI and its members has provided us with valuable insights on the functioning and evolution of property markets in Ireland. The drivers of property markets are multi-faceted and complex. They include – among others – demographics, the cost of construction and land, labour availability, the planning system and the role of finance.  Engagement with market participants, including through our joint survey   with the SCSI, has enriched our understanding of this critical part of the economy, complementing our own analysis and research.  

So when I received an invitation to speak at your conference, I thought I would take this opportunity to focus on the other half of the equation: explaining what we do and why. 

The Central Bank's mandate is to serve the public interest, by maintaining monetary and financial stability, while ensuring that the financial system operates in the best interests of consumers and the wider economy.  Given our mandate, when it comes to property markets, a key area of focus for us is around the role of the finance.