Where a mortgage is unsustainable, we recommended that the householder should be assessed for social housing before repossession takes place and that there should be a mechanism in place whereby repossessed borrowers could remain in their homes for a time to allow housing authorities to find appropriate alternative accommodation. Acting on the recommendations of the Cooney Group, the Central Bank strengthened the Code.
Indicators of market functioning in commercial paper and other short-term funding markets improved substantially and rapid outflows from prime and tax-exempt money market funds stopped after the announcement and implementation of these facilities. In mid-March, offshore U.S. dollar funding markets also came under stress. In response, the Federal Reserve and several other central banks announced the expansion and enhancement of dollar liquidity swap lines.