Central Bank to host conference in next step of Mortgage Measures Framework Review

• Framework review aims to ensure that the measures remain fit for purpose into the future, amid continued evolution of the financial system and broader economy
• Conference will feature international experts to inform the ongoing review
• Registration is open for all who wish to attend

The Central Bank of Ireland will hold a virtual conference next week featuring international experts as part of the ongoing Mortgage Measures Framework Review.

The mortgage measures were introduced in 2015 and are aimed at strengthening the resilience of both borrowers and the banking sector. As part of this framework review, the Central Bank is considering the overall approach, toolkit and strategy for the measures, to ensure they continue to remain fit for purpose as the financial system and broader economy evolves.

The conference – “Macroprudential mortgage measures: lessons on design, implementation and effectiveness” – will inform the ongoing review by bringing together international experts and senior policy officials to share their views on the experience with macroprudential measures in the mortgage market and lessons for the future.

The conference will take place virtually on Tuesday 26th and Wednesday 27th April, and registration is open for the public and stakeholders to attend.

Day 1 – Tuesday 26 April

Deputy Governor Sharon Donnery will open the conference on Day 1 with a keynote address.

This will be followed by a discussion on the importance of borrower-based measures, featuring:

• David Aikman, Director of the Qatar Centre for Global Banking and Finance, and Professor in the Practice of Finance, King’s College London
• Atif Mian, John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance at Princeton University
• Moritz Schularick, Professor of Economics, University of Bonn, Sciences Po Paris

Day 2 – Wednesday 27 April

The first session of the day will feature influential policymakers from different countries that have implemented similar measures. Participants include:

• Christian Hawkesby, Deputy Governor / General Manager Financial Stability, Reserve Bank of New Zealand
• Torbjorn Hageland, Executive Director Financial Stability, Norges Bank
• Ana Cristina Leal, Head of Department, Financial Stability, Banco de Portugal

In the second panel senior international experts will explore how the macroprudential framework for mortgage lending remains fit for purpose in the future, amid broader changes in the financial system and economy.

This panel will be chaired by Deputy Governor Sharon Donnery and includes:

• Patrick Honohan, former Governor, Central Bank of Ireland
• Marja Nykänen, Deputy Governor, Bank of Finland
• Sarah Breeden, Executive Director for Financial Stability Strategy and Risk, Bank of England

The conference marks an additional phase of public engagement as part of the review. Last summer, the Central Bank conducted an online survey alongside a series of listening events. Earlier this year a public consultation was launched for stakeholders to provide feedback on a range of questions relating to the mortgage measures framework

The feedback from the survey, listening events, consultation and conference, in addition to further research and analysis by the Central Bank, will inform the final conclusions on the design of the framework.

The Central Bank will then consider the implications for the calibration and implementation of the mortgage measures. The framework review is due to be concluded in the second half of 2022.

Director of Financial Stability, Vasileios Madouros, said: “From the outset we have been very clear that engagement with a wide range of stakeholders will be a core element of our mortgage measures framework review. The engagement so far has been very beneficial. The conference forms an additional step in our public engagement and will bring together international experts to inform the review. Other countries have also adopted similar measures, so we can learn from their experiences, analysis and perspectives. I encourage stakeholders to attend the conference and take part in the discussion.”

View the agenda for the conference and registration closes on Thursday 21 April.