Central Bank of Ireland

Mortgage borrowing limits and house prices: evidence from a policy change in Ireland

Retrieved on: 
Friday, February 16, 2024
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    A forward-looking tracker of negotiated wages in the euro area

    Retrieved on: 
    Saturday, February 10, 2024
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      The macroeconomic effects of global supply chain reorientation

      Retrieved on: 
      Saturday, February 10, 2024
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      We analyse the macroeconomic

      Key Points: 
        • We analyse the macroeconomic
          effects of supply chain reorientation through localisation policies, using a global dynamic
          general equilibrium model.
        • While arguments about comparative advantage, the potential forgone benefits of international specialisation and industry- and product-specific disruptions are familiar, there is less
          analysis on the macroeconomic effects of supply chain changes resulting from localisation policies.
        • The large sensitivity of the global economy to the recent supply chain shocks suggests that
          the international trade reconfiguration implied by localisation policies could also have sizable
          impacts on key macroeconomic variables such as output, employment and inflation.
        • Thus, localisation focuses on the
          goods in our model most closely related to global supply chains.
        • Retaliation also attenuates any positive effects from
          reshoring on output and implies a reduction in the volume of overall international trade.
        • This finding calls for limiting the scope of reshoring, such as by focusing on vital goods that are
          most susceptible to supply chain disruptions.
        • Either that, or the economic costs are considered a worthwhile trade-off for an increase
          in security of supply, for example.
        • While arguments about comparative advantage, the potential forgone benefits of international specialisation and industry- and product-specific disruptions are familiar, there is less
          analysis on the macroeconomic effects of supply chain changes resulting from localisation policies.
        • Recent supply chain shocks have had large effects, with disruptions in 2021 estimated
          to have reduced euro area GDP by around two percent and doubled the rate of manufacturing producer inflation (Celasun et al., 2022).
        • To analyse this issue, we simulate a (partial) reshoring of production back to Europe in
          a global dynamic general equilibrium framework.
        • Thus,
          localisation focuses on the goods in our model most closely related to global supply chains.3 We
          model reshoring through a direct change to the export goods? production-function parameters.
        • Since reshoring
          effectively shortens the supply chain, the sum of markups along the chain falls.
        • This means that imports that are at the end of the supply chain (i.e.
        • In particular, our work relates to papers examining the potential for countries to reduce
          their exposure to global supply chains.
        • (2021) demonstrate that reduced reliance on foreign inputs does not mitigate pandemicinduced contractions in labour supply.
        • (2021) find no evidence of a relationship
          between global value chain integration and macroeconomic volatility.
        • This dynamic, along with factors such as natural disasters, climate-change
          induced volatility and terrorism mean that supply chain disruptions could be a new normal
          (Grossman et al., 2021).
        • Our work contributes to the literature providing dynamic general equilibrium analyses of
          protectionist policies, in particular those using global macroeconomic models to quantify trade
          policy changes.
        • (2008) analyse the effect of a rise in protectionism in response
          to rising global trade imbalances.
        • Linde? and Pescatori (2019) find that although the macroeconomic costs of a
          trade war are substantial, a fully symmetric retaliation is the best response.
        • (2020) consider a rich input-output structure and demonstrate that closer integration amplifies
          the adverse effects of protectionist trade policies.
        • Several recent studies have also examined the economic effects of a global trade fragmentation.
        • First, we modify a dynamic general
          equilibrium model of the global economy in order to analyse the transmission of localisation
          policies.
        • This allows for a comprehensive treatment of cross-border macroeconomic interdependences and spillovers between the different regions.
        • 4

          There is, however, substantial cross-country heterogeneity in terms of impact, with small open economies
          (SOEs) reliant on global supply chains more affected.

        • ECB Working Paper Series No 2903

          7

          Second, we are able to assess both long-run effects and the transition dynamics of localisation
          policies.

        • Our model contains a detailed monetary block and captures inflation dynamics, which is a key
          concern for supply chain reorientation.
        • Overall, our paper contains a careful analysis of the key aspects of the localisation debate,
          including effects of localisation on domestic competition and efficiency.
        • Section 2 provides a brief overview of the model, the modifications to examine
          global supply chain reorientation, some key details on the calibration and a brief discussion of
          the nature of our exercise.
        • (2020) for discussions of the relative strengths and weaknesses of
          trade and macroeconomic models in assessing large economic shocks.
        • 2.1

          Supply chain reorientation

          Our analysis focuses on imported inputs used to produce goods for export, as the introduction
          of localisation policies is in response to recent disruptions to global supply chains.

        • Since reshoring
          effectively shortens the supply chain, the sum of markups along the chain falls.
        • Further to
          these effects, engagement with global firms provides an opportunity for knowledge spillovers to
          local firms (Criscuolo et al., 2017).
        • This finding calls for limiting the scope of reshoring, such as by focusing on vital goods that are
          most susceptible to supply chain disruptions.
        • (B12)

          Adjusting the share of local inputs in export goods, of course, affects prices and quantities all
          along the supply chain.

      ECB adjusts its capital key

      Retrieved on: 
      Wednesday, January 3, 2024
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      Communication shocks from the US spill over to risk in the euro area and vice versa, but traditional US shocks show no spillover effects to risk.

      Key Points: 
      • Communication shocks from the US spill over to risk in the euro area and vice versa, but traditional US shocks show no spillover effects to risk.
      • Both monetary policy and communication shocks spill over to stocks, with euro area information spillovers being particularly strong.

      Pantheon raises $3.25bn for its largest-ever private equity secondaries program, exceeding target

      Retrieved on: 
      Tuesday, November 28, 2023
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      Pantheon, a leading global private markets investor, is pleased to announce the successful closing of Pantheon Global Secondaries Fund VII and associated vehicles (PGSF VII), its latest flagship global private equity secondaries offering, with commitments totalling $3.25bn1.

      Key Points: 
      • Pantheon, a leading global private markets investor, is pleased to announce the successful closing of Pantheon Global Secondaries Fund VII and associated vehicles (PGSF VII), its latest flagship global private equity secondaries offering, with commitments totalling $3.25bn1.
      • Pantheon’s deep expertise in private equity secondaries attracted investments from a wide range of new and existing clients.
      • Amyn Hassanally, Partner and Global Head of Private Equity Secondaries at Pantheon, commented: “We are grateful for the strong support of our investors across the world who have entrusted us with their capital.
      • Like its predecessor vehicles, the program invests in a blend of both traditional LP stake secondaries and the growing range of GP-led secondaries opportunities.

      Elavon Financial Services Receives UK Banking Authorisation

      Retrieved on: 
      Monday, October 23, 2023
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      Elavon Financial Services DAC, a wholly owned subsidiary of U.S. Bank, has been authorised as a licensed provider of financial services by the Bank of England.

      Key Points: 
      • Elavon Financial Services DAC, a wholly owned subsidiary of U.S. Bank, has been authorised as a licensed provider of financial services by the Bank of England.
      • “Elavon has a long history serving our payments and investment services clients across the United Kingdom,” says Declan Lynch, CEO of Elavon Financial Services.
      • Under the scheme, Elavon Financial Services DAC will now operate in the UK under a Third Country Branch banking license.
      • This authorisation strengthens our reputation in the UK and as a global payments leader,” says Hemlata Narasimhan, President of Elavon Merchant Services.

      SEGPAY SENIOR EXECUTIVE APPROVED BY CENTRAL BANK OF IRELAND

      Retrieved on: 
      Thursday, October 19, 2023
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      FT. LAUDERDALE, Fla., Oct. 19, 2023 /PRNewswire/ -- Segpay, a pioneer in digital payment processing, announced today that Eddie Chandler has received approval by the Central Bank of Ireland as the company's Chief Risk Officer and Head of Compliance for Segregated Payments (Ireland) Limited, Segpay's Centre of European Union operations based in Dublin. 

      Key Points: 
      • "We are excited to have someone as talented as Eddie join our European team," said Segpay CEO Cathy Beardsley.
      • "His knowledge, attention to detail, and now the backing of the Central Bank of Ireland shows just what kind of high-level solutions Eddie can bring to ensure Segpay's European merchants funds are always safe and secure."
      • Eddie is a seasoned European executive with extensive compliance and risk experience across asset management, banking, payments, and crypto having started his career in Lloyds Bank.
      • For more information on  Chandler's role with Segpay, the Segpay EU team or how you can expand globally feel free to reach out directly to [email protected] .

      Runa Capital II (GP) (“Runa”) No intention to make an offer for MariaDB plc (“MariaDB”) and potential bridge loan of up to US$26.5 million

      Retrieved on: 
      Tuesday, October 10, 2023
      ACT, Knowledge, IRISH, NOT, Central bank, Person, MariaDB, Runa Capital, Central Bank of Ireland, FOR

      Dublin, Ireland, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Runa confirmed today that it does not intend to make an offer for MariaDB. Accordingly, Runa will be bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules. Runa reserves the right within the next 6 months to set aside this announcement where so permitted under Rule 2.8 (including 2.8(c)(ii)).

      Key Points: 
      • Accordingly, Runa will be bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules.
      • Runa reserves the right within the next 6 months to set aside this announcement where so permitted under Rule 2.8 (including 2.8(c)(ii)).
      • Runa also announces that an associate of Runa intends to enter into an agreement with MariaDB regarding the provision of a three month bridge loan of up to US$26.5 million.
      • The content of this website is not incorporated into and does not form part of this announcement.

      Diamond Lake Minerals Strengthens Advisory Board with Seasoned Entrepreneur and Blockchain Expert Agnes Budzyn

      Retrieved on: 
      Friday, October 6, 2023
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      Ms. Budzyn is a distinguished entrepreneur, and board member with a wealth of experience in blockchain, digital assets, and traditional finance.

      Key Points: 
      • Ms. Budzyn is a distinguished entrepreneur, and board member with a wealth of experience in blockchain, digital assets, and traditional finance.
      • Brian J. Esposito, CEO of DLMI, expressed his enthusiasm for Agnes Budzyn joining the team, stating, "We are privileged to welcome Agnes Budzyn to our advisory board.
      • Her expertise and deep understanding of blockchain, digital assets, and finance align perfectly with our mission at Diamond Lake Minerals.
      • With the addition of Agnes Budzyn to the advisory board, Diamond Lake Minerals reinforces its commitment to innovation and excellence in the digital asset and security token industry.

      Chase Buchanan Irish Pensions Expert, Sheds Light on the Standard Fund Threshold Calculation

      Retrieved on: 
      Friday, September 29, 2023
      Social protection, Markets in Financial Instruments Directive 2014, CET, Directive, SFT, Central bank, McDowell, Pension, Tax, Trustee, Central Bank of Ireland, Chase Buchanan, Revenue, Market, PRSI, Retirement, Department of Social Protection, Wealth, Risk, European, System, Independent financial adviser, Financial adviser, Life insurance, Pension fund, Security (finance), EU

      Chase Buchanan's Irish pensions specialist, Malcolm McDowell, has recommended all Irish pension savers, and non-residents with Irish retirement products, review their tax positions if they are approaching, or likely to reach, the €2 million Standard Fund Threshold calculation (SFT).

      Key Points: 
      • Chase Buchanan's Irish pensions specialist, Malcolm McDowell, has recommended all Irish pension savers, and non-residents with Irish retirement products, review their tax positions if they are approaching, or likely to reach, the €2 million Standard Fund Threshold calculation (SFT).
      • The SFT is a level above which Irish pension fund holders are exposed to additional taxation.
      • While the Standard Fund Threshold calculation only applies to higher-value pension funds, the tax levies assigned are substantial, and can be mitigated with support from a suitably experienced and licenced financial adviser.
      • Effective tax rates on pension savings above the SFT can exceed 70%, with only the residual post-tax proportion of pension assets above the SFT threshold accessible by the fund holder.