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Profiling the Cross-Border Funding of the Irish Banking System

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  • Coates, Dermot

    (Central Bank of Ireland)

  • Everett, Mary

    (Central Bank of Ireland)

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    Abstract

    Between 2002 and 2008, there was a surge in foreign funding ows to the Irish banking system. This unprecedented increase in in ows was a key driver of the credit boom in Ireland. In the wake of the domestic banking and global nancial crises, the Irish banking system experienced a sharp decrease in its foreign wholesale funding. This Economic Letter addresses two primary questions: (i) who funded the Irish banking system during the boom?; and (ii) how did foreign funding contract in the post-September 2008 environment? The UK and the international interbank market are found to be the predominant funding sources for the Irish banking system during the credit boom. Funding originating from banks in the UK accounted for the most pronounced contraction.

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    Bibliographic Info

    Paper provided by Central Bank of Ireland in its series Economic Letters with number 04/EL/13.

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    Date of creation: Sep 2013
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    Handle: RePEc:cbi:ecolet:04/el/13

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    1. Gian‐Maria Milesi‐Ferretti & Cédric Tille, 2011. "The great retrenchment: international capital flows during the global financial crisis," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 26(66), pages 285-342, 04.
    2. International Monetary Fund, 2010. "European Financial Linkages," IMF Working Papers 10/295, International Monetary Fund.
    3. Portes, Richard & Rey, Helene, 2005. "The determinants of cross-border equity flows," Journal of International Economics, Elsevier, Elsevier, vol. 65(2), pages 269-296, March.
    4. Kristin J. Forbes & Francis E. Warnock, 2011. "Capital Flow Waves: Surges, Stops, Flight, and Retrenchment," NBER Chapters, National Bureau of Economic Research, Inc, in: Global Financial Crisis National Bureau of Economic Research, Inc.
    5. Claudia M. Buch, 2001. "Distance and International Banking," Kiel Working Papers 1043, Kiel Institute for the World Economy.
    6. Silvia Merler & Jean Pisani-Ferry, 2012. "Sudden Stops in the Euro Area," Review of Economics and Institutions, Università di Perugia, Università di Perugia, vol. 3(3).
    7. Honohan, Patrick, 2009. "Resolving Ireland’s Banking Crisis," The Economic and Social Review, Economic and Social Studies, Economic and Social Studies, vol. 40(2), pages 207–231.
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