Vasileios Madouros, deputy governor of the Central Bank of Ireland with responsibility for monetary and financial stability, said Irish borrowers are more cushioned from economic shocks than they were pre-crash.Mortgages issued before the post-2008 property crash still account for up to 85 per cent of new loan defaults in the Republic, a conference in Dublin has heard, with borrowers now more insulated from economic shocks than before the financial crisis.
In the Mansion House in Dublin on Wednesday, more than 180 delegates and members gathered for the Society of Chartered Surveyors Ireland’s national conference, the theme of which is ‘meeting the challenges of climate and costs’. Speakers at the event include Vasileios Madouros, deputy governor of the Central Bank of Ireland with responsibility for monetary and financial stability; SCSI president Kevin James; and Deloitte economist Kate English. Minister for Housing Darragh O’Brien will address the conference on Wednesday afternoon.
Mr Madouros told the gathering that the Central Bank’s lending rules – limits on how much people can borrow relative to their income – “have played a key role” in improving resilience within the property market and the broader economy.