Back to the future? Macroprudential policy and the rebirth of local authority mortgages in Ireland. ESRI Working Paper 686 December 2020.

The global financial crisis heralded a new era of macroprudential mortgage regulations such as loan-to-value and loan-to-income restrictions. Such measures safeguard the financial system but can lead to credit access difficulties, in particular for first-time buyers. In this paper, we examine the introduction of a direct public mortgage, the Rebuilding Ireland Home Loan, which aims to address these difficulties in Ireland. We use new unique granular microdata for applications to the scheme to explore the relationship between households applying to the scheme and the broader commercial market. We show that RIHL applicants, particularly those in urban areas, are under-served by the commercial market as they cannot borrow sufficient amounts due to the regulatory framework. The scheme enables these lower to middle-income borrowers to access mortgage credit and thus directly targets the externality from the regulatory regime. We argue that these public, local authority loans, once accompanied by suffcient safeguards, can be an essential tool to bridge credit gaps while ensuring the commercial banks are subject to strong macroprudential rules

Review of the Rebuilding Ireland Home Loan scheme. ESRI Research Series 104 October 2020.

This report provides a high-level review of the degree to which the Rebuilding Ireland Home Loan (RIHL) has met its objectives. It also scopes the need for ongoing intervention, details who is applying for the scheme and assesses selected operational considerations such as credit risks, funding considerations, and its market impact

Etiological investigation of deafness in neonates screened in a universal newborn hearing screening program

Purpose to describe the results of etiology of deaf in neonates screened in a universal newborn hearing screening program. Methods a descriptive, cross-sectional and prospective study. The study included all newborns diagnosed with hearing loss identified in a universal newborn hearing screening program from August 2003 to December 2006. The etiology of deaf was determined after detailed anamnesis performed by the otorhinolaryngologist; survey of serological tests for toxoplasmosis, rubella, cytomegalovirus, herpes, syphilis and HIV; tomography of the temporal bone and genetic tests. Results 17 neonates were diagnosed with hearing loss in the period studied. 64.7% of cases presented as probable causes prenatal etiology, 29.4% perinatal causes and one child (5.9%) had unknown etiology. Of prenatal causes, 36.4% had confirmed genetic origin and 36.4% presumed etiology of heredity. We confirmed the presence of congenital infections in 18.2% of cases and one child (9%) had craniofacial anomalies as a possible etiology. The degree of hearing loss more frequently observed in the subjects studied was the profound (47.1%). Conclusion the increased occurrence of etiologies in this study was of prenatal origin, followed by perinatal origin.Objetivo descrever os resultados da investigação etiológica da deficiência auditiva realizada em neonatos rastreados em um programa de triagem auditiva neonatal universal. Métodos estudo descritivo, transversal e prospectivo. Foram incluídos no estudo todos os neonatos diagnosticados com deficiência auditiva identificados em um programa de triagem auditiva neonatal universal no período de agosto de 2003 a dezembro de 2006. A provável etiologia da deficiência auditiva foi determinada após anamnese detalhada realizada pelo médico otorrinolaringologista; pesquisa das sorologias para toxoplasmose, rubéola, citomegalovírus, herpes, sífilis e HIV; tomografia dos ossos temporais e exames genéticos. Resultados foram diagnosticados 17 sujeitos com deficiência auditiva no período estudado. 64.7% dos casos estudados apresentaram como provável etiologia causas pré-natais, 29.4% causas peri-natais e um sujeito (5,9%) apresentou etiologia desconhecida. Das causas pré-natais, 36.4% tiveram origem genética confirmada e 36.4% etiologia presumida de hereditariedade. Foi confirmada a presença de infecções congênitas em 18.2% dos casos e um sujeito (9%) apresentou anomalia craniofacial como provável etiologia. O grau de perda auditiva mais frequente observado nos sujeitos estudados foi o profundo (47,1%). Conclusão a maior ocorrência de etiologias observada neste estudo foram as de origem pré-natal, seguida das de origem peri-natal.42242

Credit demand in the Irish mortgage market: What is the gap and could public lending help? ESRI Working Paper 671 October 2020.

In this paper, we estimate credit demand for potential Irish first time buyer households currently living in the rental sector. Exploiting individual survey responses to credit demand questions, and characteristics of the household, we estimate the level of latent credit demand that could be serviced by the market given prudent credit risk assessment and the current regulatory environment. We then compare this demand to current market provision to explore whether a credit gap exists. We find evidence of excess demand for credit and an undersupply of loans relative to latent demand. In terms of credit access issues, we find that insufficient savings for a down-payment, rather than income or affordability, is the most binding constraint. Scenario analysis suggests between 2,000 and 9,000 additional loans could be provided per annum depending on the degree to which demand is realised. This would imply an additional €0.4bn to €1.9bn in lending. We show a targeted public mortgage credit instrument could alleviate a portion of this gap and aid market access by providing between 1,100 and 5,800 loans at between €0.2bn to €1bn approximately