House prices are an important determinant of predicted loan losses in most models; having fallen during 2011 faster than we had expected, the average price of Irish residential property then stabilised and now stands well above (about 10% more than) where we expected it to be.
BIS Review 73/2007  1  This critical third pillar, of course, is in many ways why we are here today, and I should like to pay tribute to the sterling efforts now under way within the industry, with the leadership of the IIFM, to tackle these issues. I am now hopeful that real progress in this area is now within our grasp.