The Governor of the Central Bank, Maurice O’Connell, has issued a clear welcome to the development of a mortgage bond market in Ireland. The Governor’s comments follow reports in last month’s Finance which first outlined the possibility of a developing a ‘pfandbrief-like’ market in Ireland.
Speaking at the Finance Dublin Annual Conference, the Governor said, 'I would hope that before too long we will see the evolution of a mortgage bond market here. It is a standard feature of other developed markets. It offers credit institutions the prospect of raising finance and of managing risk in a more cost-effective manner’.
His comments have been welcomed by the Irish Bankers’ Federation. The IBF is currently completing internal meetings on the subject and has plans to present a formal pfandbrief proposal to the Department of Finance towards the end of May. |
