On that note, post programme monitoring of the Troika will continue throughout 2014 and beyond in relation to Ireland’s progress in fixing its mortgage arrears crisis. It shall continue to be a top priority. The high level of arrears weighs on Ireland’s banking, acting as a drag on the economy, new lending and profitability. Banks and borrowers need closure.
Overnight indexed swap (OIS) rates have declined in line with the https://www.rba.gov.au/speeches/2020/sp-dg-2020-11-24.html  5/14  11/24/2020  Monetary Policy in 2020 | Speeches | RBA  cash rate and are around 4 basis points for the foreseeable future, reflecting the market's expectations that the ES rate and the cash rate will not be increased over that horizon, consistent with the Bank's forward guidance.