Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The macroprudential rules are specifically designed to reduce the likelihood of a boom-bust cycle re-emerging. The report, in particular, warned of the increased vulnerabilities of the Irish commercial property sector, given the increase in foreign investment. The Department of Finance is very much aware of this issue and monitors it closely. Indeed, it was one of the reasons we increased stamp duty in the budget two years ago in order to slow growth in the commercial property sector and to encourage growth in the residential property sector and in civil and public infrastructure, and that has happened. It should also be recognised that there are advantages in accessing foreign as opposed to domestic bank funding, most notably, the reduced risk to our own domestic banking sector. The OECD outlook noted that growth in Ireland is expected to remain robust, notwithstanding several risks, including Brexit and those related to the construction sector, which I mentioned earlier.

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