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ARTICLE · 18 AUGUST 2023

FIG Top 5 At 5 - 10/08/2023

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On 2 August 2023, the Central Bank of Ireland ("Central Bank) announced that it would maintain the current countercyclical capital buffer ("CCyB") rate on Irish exposures at a level of 1.5%, applicable from 7 June 2024.

IrelandFinance and Banking
Matheson LLP
Matheson LLP
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1. Central Bank of Ireland make CCyB Rate Announcement

On 2 August 2023, the Central Bank of Ireland ("Central Bank) announced that it would maintain the current countercyclical capital buffer ("CCyB") rate on Irish exposures at a level of 1.5%, applicable from 7 June 2024.

In June 2023, the rate was increased from 1% to 1.5% as the Central Bank deemed 1.5% an appropriate level where risk conditions were neither elevated or subdued. This position is evidenced by the Central Bank's Quarterly Bulletin which suggested that the domestic economy was operating at capacity, driven by a strong labour market. Banks' capital remains strong, supported by a significant demand from first time buyers for mortgage credit.

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