Macroprudential Measures Committee hold first meeting

The Central Bank’s new Macroprudential Measures Committee met for the first time on 5 September 2016.

The Committee’s role is to advise on the regular reviews of bank-related national macroprudential measures and make recommendations about maintaining or revising these rules as appropriate.

The Central Bank is the designated national macroprudential authority in Ireland.  In recent times, several macroprudential measures have been activated via the banking system. These include: borrower-based measures such as mortgage rules; the counter-cyclical capital buffer (CCyB); other systemically important institution (O-SII) buffer; and reciprocation of macroprudential policy measures taken by other Member States. Details on these items can be found here.

Terms of reference for the new Committee were agreed along with a communication approach which undertook to publish, on the Bank’s website, a summary record of its first meeting within six weeks.  Such a record will take into account statutory and internal constraints around publication of specific discussions and recommendations.  The record of the first meeting will be available on 17 October 2016. The terms of reference and agenda are available here. 

The membership of the MMC is:

• Governor
• Deputy Governor (Central Banking)
• Deputy Governor (Financial Regulation)
• Chief Economist
• Director of Credit Institutions Supervision
• Secretary - Head of Financial Stability