And while I will not dwell on it today, the extent of the openness also complicates the measurement of the economy, which has been widely discussed and documented.21 The Irish economy is especially sensitive to developments in the global financial cycle as well as being more prone to structural macroeconomic shocks. These can be evidenced by the volatility of the economy.
While the November 2016 revisions to the mortgage rules did raise the maximum loan size for first-time buyers seeking to buy homes above € in value, it is important to take into account several considerations. First, borrowers also have to satisfy the LTI requirement, which remains unchanged at a cap on loans of 3.5 times income.