Slavery did indeed exist as a possible penalty for non-payment of debts in early Ireland; apparently as an alternative to death! As Fergus Kelly, the premier scholar of early Irish law, has drily remarked, “the economic inducements for the wronged party to opt for enslavement rather than execution are considerable”.
This (very attentive) "wait and see" attitude did not jeopardise the maintenance of price stability over the medium term. Indeed, a market-driven tightening of monetary conditions could be observed, as money market rates have risen, lending standards have somewhat tightened and the euro exchange rate has again appreciated.