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Profiling the Cross-Border Funding of the Irish Banking System

  • Coates, Dermot

    (Central Bank of Ireland)

  • Everett, Mary

    (Central Bank of Ireland)

Registered author(s):

    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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    File URL: http://www.centralbank.ie/publications/Documents/Economic_Letter_2013_V4.pdf
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    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. Claudia M. Buch, 2005. "Distance and International Banking," Review of International Economics, Wiley Blackwell, vol. 13(4), pages 787-804, 09.
    2. Kristin J. Forbes & Francis E. Warnock, 2011. "Capital Flow Waves: Surges, Stops, Flight, and Retrenchment," NBER Working Papers 17351, National Bureau of Economic Research, Inc.
    3. Portes, Richard & Rey, Helene, 2005. "The determinants of cross-border equity flows," Journal of International Economics, Elsevier, vol. 65(2), pages 269-296, March.
    4. Gian-Maria Milesi-Ferretti & Cedric Tille, 2011. "The Great Retrenchment: International Capital Flows During the Global Financial Crisis," Working Papers 382011, Hong Kong Institute for Monetary Research.
    5. Honohan, Patrick, 2009. "Resolving Ireland’s Banking Crisis," The Economic and Social Review, Economic and Social Studies, vol. 40(2), pages 207–231.
    6. Silvia Merler & Jean Pisani-Ferry, 2012. "Sudden Stops in the Euro Area," Review of Economics and Institutions, Università di Perugia, vol. 3(3).
    7. International Monetary Fund, 2010. "European Financial Linkages; A New Look At Imbalances," IMF Working Papers 10/295, International Monetary Fund.
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