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OECD Economic Surveys: Ireland 2008

image of OECD Economic Surveys: Ireland 2008

This 2008 edition of OECD's periodic survey of the Irish economy finds that it has performed remarkably well over the past decade, propelling per capita income to above the OECD average. Economic fundamentals remain strong, but economic activity is now easing. The survey examines some of the key challenges Ireland now faces including maintaining growth, the housing market slowdown, financial stability, adapting government spending to slower revenue growth, reforming the pension system, and integrating migrants.

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Financial stability

Banking on prudence

Lending has been strong, with debt ratios reaching very high levels. The Central Bank and Financial Services Authority of Ireland (CBFSAI) had clearly identified the major vulnerabilities and taken action to mitigate them. The Irish banks are wellcapitalised and profitable, which provides a cushion to weather the more difficult times ahead. This chapter reviews financial market developments, the actions by the CBFSAI and the new policy issues that have come to the fore with the financial market turmoil.

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