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

That brings us to the domestic economy and the influx of Ukrainians into the country. In his opening statement, Dr. Cassidy very helpfully touched on things such as the labour market. What does the Central Bank consider to be some of the challenges? We have gone beyond the 10,000 mark in welcoming Ukrainians to Ireland. We are not really sure what the end number might be. Let us say that it is half of the 1.9% that Ireland would be responsible for, were 10 million Ukrainians to be displaced. Our figure would then be in the region of 100,000. That is a huge number of people. We have talked a lot today about the supply-side issue and housing. Has the Central Bank started work on that or has it thought much about the impact on the supply side for services, housing and how it might feed into the labour market? This is not something that only Ireland will experience. The EU in general and everybody will be welcoming a huge number of people from Ukraine for who knows how long. Might we see a particular approach from the EU as a group to provide funding or put in place some kind of supports and a financial strategy?

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