See introductory statement, 22 January 2015: www.ecb.europa.eu/press/pr/date/2015/html/pr150122_1.en.html  4  See Butt, Nicholas & Domit, Silvia & McLeay, Michael & Thomas, Ryland & Kirkham, Lewis, (2012), “What can the money data tell us about the impact of QE?,” Bank of England Quarterly Bulletin, Bank of England, Vol. 52, No.4, pp. 321–331 for a detailed discussion of how an asset purchases programme affects money supply.
5 Irish responses to the ECB’s Bank Lending Survey, July 2016. 6 Irish responses to the ECB’s Bank Lending Survey, July 2016. 7 See Macro-Financial Review, H1 2016, Central Bank of Ireland. 8  The interest rate for new house purchase loans in Ireland stood at 3.38 per cent as of February 2016.