Borrower-based mortgage measures: lessons from Ireland’s experience since 2015

Edward Gaffney, Niamh Hallissey and Fergal McCann
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Edward Gaffney: Central Bank of Ireland
Niamh Hallissey: Central Bank of Ireland
Fergal McCann: Central Bank of Ireland

Quarterly Bulletin Articles, 2025

Abstract: We draw lessons from research and analysis into borrower-based mortgage measures in Ireland, using granular and comprehensive micro-data for the Irish mortgage market, and a wide range of empirical identification strategies. We find that lenders maintained credit growth following the introduction of mortgage measures in 2015. Borrowers changed their behaviour, particularly those who were faced with liquidity and leverage constraints. Borrower resilience benefits can already be discerned, but the full benefits would accrue after an adverse economic shock. We discuss the role of housing market conditions in calibration, and the benefits of including non-bank mortgage lenders under the measures. Finally, we propose questions for future research.

Date: 2023-09
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