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Monetary Policy Pass-Through to Lending Rates: Evidence from the Irish Central Credit Register

Author

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  • Goncharenko, Roman

    (Central Bank of Ireland)

  • Lukamanova, Elizaveta

    (Central Bank of Ireland)

Abstract

This letter investigates the pass-through of monetary policy to interest rates on new loans, using granular loan-level data from Ireland’s Central Credit Register during the period of sharp monetary tightening in 2022–2023. Pass-through varied significantly across lenders and loan types. Non-bank lenders (NBLs) exhibited the strongest pass-through, while banks and credit unions showed weaker effects. Overall, business and asset financing experienced higher pass-through than personal loans and home mortgages. Despite sharp rate hikes in 2022–2023, overall pass-through remained modest due to banks’ and credit unions’ dominance. These results highlight lender composition’s role in monetary transmission and NBLs’ growing influence in specific loan segments.

Suggested Citation

  • Goncharenko, Roman & Lukamanova, Elizaveta, 2025. "Monetary Policy Pass-Through to Lending Rates: Evidence from the Irish Central Credit Register," Economic Letters 1/EL/25, Central Bank of Ireland.
    • Handle: RePEc:cbi:ecolet:1/el/25
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