Financial Supervision in Ireland: Where to Now?

O’Sullivan, K.P.V.

doi:10.2139/ssrn.1888343

Cited by 5 publications

(3 citation statements)

References 30 publications

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“…The Irish banking regulatory system has been the subject of much debate and change in recent years (O'Sullivan, 2010). According to DKM (1984), the Irish banking system was one of the most “intensely regulated” in all developed countries.…”

Section: Irish Banking Regulatory Environment and Practicementioning

confidence: 99%

“…It sees the “fostering of an international competitive banking industry in Ireland” as its third main responsibility (IFSRA, 2008). This newly created institutional arrangement, through a process of both horizontal and vertical integration, fused together all conduct of business and prudential supervisory practices in financial services (O'Sullivan, 2010). Its main objective is to achieve a balanced regulatory framework with strong enforcement provisions.…”

Section: Irish Banking Regulatory Environment and Practicementioning

confidence: 99%

“…Since its inception, IFSRA has followed a principles‐based regulatory framework in order to maintain a pro‐business environment in Ireland and in accordance with government policy (Department of the Taoiseach, 2004). PBR is concerned about setting desirable regulatory outcomes in principle and using outcome‐focused rules (O'Sullivan, 2010). It aims is to work with banks in deciding how best to align their corporate objectives with pre‐defined regulatory outcomes.…”

Section: Irish Banking Regulatory Environment and Practicementioning

confidence: 99%

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What caused the Irish banking crisis?

O’Sullivan

Kennedy

2010

Journal of Financial Regulation and Compliance

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PurposeThe purpose of this paper is to explore the Irish banking crisis and explain how various factors contribute to a collapse in asset prices, an economic recession and the near failure of the banking system. The paper seeks to document the dangers of pro‐cyclical monetary and government policies, particularly in an environment of benign financial regulation and pent‐up demand for credit.Design/methodology/approachThe paper maps the Irish banking crisis against its general background. It describes the roots of the crisis, with particular attention given to government and monetary policies, the practices of the financial regulator and banks during the property bubble, together with the difficulties associated with the international sub‐prime crisis.FindingsWhile the global financial crisis exacerbated matters, the banking crisis in Ireland was largely a home‐grown phenomenon. The crisis stemmed from the collapse of the domestic property sector and subsequent contraction in national output. Its root cause can be found in the inadequate risk management practices of the Irish banks and the failure of the financial regulator to supervise these practices effectively.Originality/valueThe paper documents the “Celtic Tiger” phenomenon of the last decade: the Irish economic and property miracle, its sharp decline, and the sub‐prime crisis. It delineates one of the most severe banking and economic crisis in a developed country since the great depression with a number of key policy lessons for rapidly expanding economies.

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Section: Irish Banking Regulatory Environment and Practicementioning

confidence: 99%

Section: Irish Banking Regulatory Environment and Practicementioning

confidence: 99%

Section: Irish Banking Regulatory Environment and Practicementioning

confidence: 99%

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What caused the Irish banking crisis?

O’Sullivan

Kennedy

2010

Journal of Financial Regulation and Compliance

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The Extent of the Mortgage Crisis in Ireland and Policy Responses

Waldron

Redmond

2013

Housing Studies

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“We’re just existing, not living!” Mortgage stress and the concealed costs of coping with crisis

Waldron

Redmond

2016

Housing Studies

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Following the financial crisis, an extensive literature has examined the vulnerabilities facing mortgagors in default and foreclosure. However, in addition to these 'overt casualties' of the crash, many households are struggling to meet their mortgage payments by enduring severe cutbacks to their quality of life. The experiences of these 'unrevealed casualties' of the financial crisis and the coping strategies they employ to respond to mortgage stress remain under-explored. Drawing on survey data of Irish mortgagors (n=433), this paper examines the impacts of mortgage stress upon quality of life and mortgagors' coping strategies to respond to their financial difficulties. The findings suggest that mortgage stress affects a broader range of households than previously considered; mortgage stressed households adopt a range of expenditure, employment, finance and housingrelated responses; and more punitive responses correlate with greater mortgage stress levels, thereby providing a fuller account of the real cost of coping with the crisis impacts.

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Financial Supervision in Ireland: Where to Now?

Cited by 5 publications

References 30 publications

What caused the Irish banking crisis?

What caused the Irish banking crisis?

The Extent of the Mortgage Crisis in Ireland and Policy Responses

“We’re just existing, not living!” Mortgage stress and the concealed costs of coping with crisis

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