"Recent developments in new mortgage lending show a shift towards loan-to-income (LTI) and loan-to-value (LTV) limits, but the share of new lending in the most risky categories is contained," he said. "Borrowing levels relative to incomes continue to be materially lower than in the early part of this century."
"Irish small and medium-sized enterprises (SMEs) have shown resilience, but there are pockets of risk, for example with insolvencies rising in the accommodation/food and other services sectors although we have continued to observe employment growth in these sectors," he said.
"The relatively high number of workers in the multinational sector who have mortgages is something we should banks should be concerned about, however, if Ireland is rocked by the geopolitical shocks that everyone fears next year."
"If there is a shock to the sector, it will lead to a disproportionate effect on the mortgage books of the banks."
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