Oireachtas Joint and Select Committees

Wednesday, 23 March 2022

Committee on Budgetary Oversight

Pre-Stability Programme Update Scrutiny (Resumed): Central Bank of Ireland

Photo of Neasa HouriganNeasa Hourigan (Dublin Central, Green Party) | Oireachtas source

I have some questions. We are at the end of the speaker list but I invite members who want to come back in to indicate, if they are online, by putting their hand up. I see Deputy Boyd Barrett has already done so. I will give people a chance to do that and ask my questions in the meantime.

I am aware that Ireland's exposure to Russia in terms of imports and exports, and Russian lenders and banking, is pretty low. Russia obviously operates in a global context as well. If Russian banks and banking firms default, will that have an impact on inter-bank interest rates? What might that mean? What would the impacts of that be? Is there a significant concern around that and, more broadly, around the impact of a default by the Russian state?

I am interested that while Ireland is not particularly exposed, we might intersect with them in certain sectors. For example, I suspect there is lots of Russian investment, and probably lots of Irish investment too, in the London property market. Are there particular sectors like that which the Central Bank might be aware of? There is that aspect. I will follow up in terms of Ireland's exposure.

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