Ireland
Irish central bank defends retention payments to key staff
Ireland’s central bank has defended its decision to pay retention payments to key members of staff despite criticism by local politicians; a senior civil servant will look into the payments
Honohan sets out virtues of new crisis tools in final speech
Irish governor stresses potential of direct recapitalisation and GDP-linked loans to help bolster debt sustainability in crisis-hit countries; expects successor Lane to come in with ‘big broom’
Macro-prudential tools an ‘essential’ part of policy toolkit, Irish deputy says
Macro-prudential policies introduced by the Irish central bank appear to be ‘functioning as intended’, Gerlach says; joint ECB-EC statement sees measures underpinning stability
Ireland: Former financial stability chief and ex-governor clash over crisis
John Hurley firmly rejects an accusation from the former financial stability head of the Irish central bank that senior management suppressed research in the lead-up to the crisis
Lane picked to lead Irish central bank
Distinguished international economist nominated in preference to civil service candidate rumoured to have been in the running; worked ‘closely’ with outgoing governor Honohan
Ireland to move to euro rounding next week
Shoppers in Ireland will have transactions rounded to nearest five cents, Central Bank of Ireland says; scheme to be voluntary and apply only to cash payments
Ireland’s Gerlach points to indirect impact of macro-prudential tools
Deputy governor says evidence suggests LTV and LTI tools are having the strongest effect via indirect channels, rather than their direct impact on credit, although the tools are still new
ECB paper explores fiscal adjustment in stressed countries
Fiscal corrections have been ‘more costly’ in contractionary times in Greece, Ireland, Portugal and Spain over the past 50 years, paper suggests
Financial Stability Board should define shadow banking, Irish market supervisor says
Financial Stability Board is the best body to give regulators a clear definition of the shadow banking sector, says the Irish central bank’s director of markets supervision
Irish central bank proposes staggered rise in financial industry levy
Ireland’s central bank has proposed staggering a rise in the levy to cover financial regulation costs; still supports rise in proportion of costs paid by non-bank institutions
Cyber attacks could represent systemic threat, warns Ireland’s Roux
A string of cyber attacks on financial institutions could start a ‘domino effect’ that triggers a financial crisis, so firms need to improve their defences, deputy governor says
Irish central bank may spread higher levy on finance industry over time
The Central Bank of Ireland may spread the proposed increase in its annual levy on the financial industry over several years, but it still backs the call for non-banks to meet 100% of costs
Irish deputy Stefan Gerlach steps down early
Academic economists praise Gerlach, who was seen as ‘outside appointment’ who improved bank’s research and data provision; deputy had decided not to apply for governorship
Irish central bank restructures monetary policy department
Central Bank of Ireland will appoint two new senior members of staff in the process; one analyst suggests the changes will help sustain contributions on European stage
Central bank restricts lending at half of Ireland’s credit unions
Ireland’s central bank has restricted lending at the country’s credit unions and appointed external auditors to discover the true state of lending in the industry
Ireland invites applications for central bank governorship
Ministry of finance calls for ‘expressions of interest’ in the post, which will be vacated by Patrick Honohan when he stands down later this year
Irish SME report shows growth in new lending
Report published by Central Bank of Ireland shows annualised gross new lending at highest level since 2011, with the largest share channelled to the agricultural sector
Irish banks have returned to profitability but still need repairs, report finds
Central Bank of Ireland’s macro-financial review notes improvements in the banking sector, but high levels of non-performing loans are holding them back
Ireland to phase out one- and two-cent coins
Central bank will lead project that will see cash payments rounded to discourage use of low-value coins; decision follows successful trial in 2013
Irish deputy sees value in ‘well-developed’ rental market
Stefan Gerlach says it is important renting is an attractive long-term proposition, as deeper rental markets help make the economy more resilient to shocks
IMF urges Irish authorities to ‘enhance’ central bank independence
Report warns legal framework could ‘potentially introduce political considerations’ into governance arrangements; finds uncompetitive pay may be hurting ability to hire and retain supervisors
Early contenders emerge as Irish governor announces departure
Central Bank of Ireland governor announces intention to retire later this year, with a handful of names already surfacing as possible successors
Irish deputy encouraged by NPL progress
Cyril Roux says banks have improved their distressed debt operations but warns it will take several years to work though the stock of commercial NPLs still outstanding
Irish central bank targets consumer-first culture
New report from the central bank reveals focus on culture within the financial industry; head of consumer protection tells Central Banking about the institution’s plans