{
  "title": "Ireland: Financial Sector Assessment Program: Technical Note-Macroprudential Policy Framework",
  "publication": "IMF Staff Country Reports, September 29, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/ireland-financial-sector-assessment-program-technical-note-macroprudential-policy-framework-44309",
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  "summary": "This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Ireland in the area of the macroprudential policy framework.",
  "sections": [
    {
      "heading": "Executive findings",
      "content": "- The current institutional arrangement in Ireland is appropriate for effective macroprudential policy and in line with IMF guidance.\n- The Central Bank of Ireland’s analysis of systemic vulnerabilities is described as sophisticated and timely.\n- The central bank has been introducing a range of macroprudential instruments to contain a buildup of systemic risk in the financial system.\n- Ireland’s boom-bust experience amply demonstrates the need for forward-looking action to head off incipient financial problems."
    },
    {
      "heading": "Key themes and analysis",
      "content": "- Macroprudential framework\n  - Institutional arrangements support effective macroprudential policy and align with IMF guidance.\n  - Emphasis on forward-looking policy to prevent escalation of systemic risks.\n- Central Bank of Ireland capabilities\n  - Analytical capacity: sophisticated and timely analysis of systemic vulnerabilities.\n  - Policy toolkit: introduction and use of a range of macroprudential instruments, including measures related to mortgages and housing prices (as indicated by subject keywords).\n- Systemic risks highlighted\n  - Credit market dynamics and housing prices are focal vulnerabilities.\n  - Topics referenced: analysis of systemic vulnerability, delinquency ratio, ISCR, LTV, imposition of limit, ECB decision/object."
    },
    {
      "heading": "Policy recommendations (implied by findings)",
      "content": "- Maintain and strengthen the current institutional framework to support macroprudential responsibilities.\n- Continue to deploy and refine macroprudential instruments to contain systemic buildup, with attention to mortgage-related measures and housing market developments.\n- Ensure ongoing, sophisticated analysis of systemic vulnerabilities to enable timely, forward-looking interventions.\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 29, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475542240.002",
    "The current institutional arrangement in Ireland is appropriate for effective macroprudential policy and in line with IMF guidance.",
    "The Central Bank of Ireland’s analysis of systemic vulnerabilities is described as sophisticated and timely.",
    "The central bank has been introducing a range of macroprudential instruments to contain a buildup of systemic risk in the financial system.",
    "Ireland’s boom-bust experience amply demonstrates the need for forward-looking action to head off incipient financial problems.",
    "Macroprudential framework",
    "Central Bank of Ireland capabilities",
    "Systemic risks highlighted",
    "Maintain and strengthen the current institutional framework to support macroprudential responsibilities.",
    "Continue to deploy and refine macroprudential instruments to contain systemic buildup, with attention to mortgage-related measures and housing market developments.",
    "Ensure ongoing, sophisticated analysis of systemic vulnerabilities to enable timely, forward-looking interventions.",
    "**Executive Summary**"
  ],
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