2021 ) behind the data - mortgage borrowers facing end of term payment shortfalls gaffney, mccann and stroebel ( 2021 ) financial stability note economics of mortgage debt relief during a pandemic kelly, lyons, mccann and o ’ brien ( 2021 ) financial stability note long - term mortgage arrears : an evidence base to motivate policy solutions kelly, lyons, o ’ brien and rice ( 2021 ) financial stability note irish mortgage payment breaks – extensions and expirations 6 namely : banks, retail credit firms and credit servicing firms 7 duignan and kearns ( 2021 ) behind the data - mortgage borrowers facing end of term payment shortfalls, ( july 2021 ). central bank of ireland. 8 see the latest central bank quarterly bulletin 3 2021and financial stability reviews ( fsr 2 of 2020 and fsr 1 of 2021 ) for more information on the economic effects of and possible future paths from the pandemic. 9 gaffney, mccann and stroebel ( 2021 ) financial stability note economics of mortgage debt relief during a pandemic, central bank of ireland. 10 kelly et al. ( 2021 ) describe the dominance of additional temporary arrangements among those borrowers requesting further payment relief after a covid - 19 payment moratorium. 11 this included board oversight and challenge of lenders ’ approaches to supporting borrowers, that lenders should seek to have proactive early engagement with borrowers experiencing distress, a range of solutions will be required, that appropriate supports for smes should be implemented and that lenders should continue to ensure timely recognition of the deterioration of the risk profile of borrowers. 12 dear ceo letter “ expectations for lenders in supporting borrowers affected by the covid - 19 pandemic ” ( november 2020 ), central bank of ireland. 13 mortgage arrears statistics, central bank of ireland. 14 these accounts relate to c. 610, 000 properties, as it is estimated that there are, on average, 1. 2 mortgage accounts per home https : / / www. centralbank. ie / news / article / speech - the - need - for - continued - focus - on - resolving - long - term - mortgage - arrears - ed - sibley - 13 - july - 2021 8 / 9 7 / 14 / 2021 a long shadow – the need for continued focus on resolving long term mortgage arrears - deputy governor ed sibley 15 duignan and kearns ( 2021 ) behind the data

gabriel makhlouf : introductory statement - joint oireachtas committee on finance, public expenditure and reform, and taoiseach introductory statement by mr gabriel makhlouf, governor of the central bank of ireland, before the joint oireachtas ( national parliament ) committee on finance, public expenditure and reform, and taoiseach ( head of parliament ), dublin, 21 october 2021. * * * good afternoon chairman, committee members, i am joined by ed sibley, deputy governor, prudential regulation and derville rowland, director general, financial conduct. we welcome the opportunity to appear before you today. the effects of the covid - 19 pandemic have been deep and distressing for our community. the actions taken to contain the health emergency have affected the economy and all of our lives. the central bank ’ s job is to ensure the financial system operates in the best interests of households, businesses and consumers. in particular, since the start of the pandemic, our aim has been for the financial system to minimise and not amplify the effects of this economic shock. in light of the committee ’ s request, i will give a brief overview of the economic outlook, payment breaks, issues in the insurance sector, the tracker mortgage examination and the credit union sector. we are happy to expand on these or any other matters in the subsequent discussion. the economic outlook in terms of the economic outlook, we published our latest analysis in our quarterly bulletin earlier this month. since the trough reached in the april - may period, irish economic activity rebounded with the re - opening of the economy. but the recovery has been partial and uneven and the outlook remains uncertain, a pattern reflected in the wider euro area and elsewhere in the world, as the imf indicated in its forecasts last week. the unevenness in ireland is clear from the divergence in performance between the strength of exports and the weakness of domestic demand. the overall resilience of export growth has mitigated the fall in gdp, which only fell by 3 % in the year to the second quarter, in contrast to underlying domestic demand, which fell by 16 % over the same period. we projected gdp to decline by 0. 4 % in 2020 but for domestic activity to fall by around 7 per cent, and unemployment to rise to 5. 3 % from its pre - crisis level of 4. 9 %. looking towards 2021, we see a modest recovery for overall domestic demand and