Hence, Ireland responded earlier than other countries, and in a determined manner, to a shock which, as of today, has cut property prices in half. As a result, the restructuring of the banking sector is more advanced and costs for bank loans to firms are now lower than in countries such as Italy or Spain.
[15] The estimates in the chart follow a slightly different approach aligned with that of Mésonnier and Renne (2007),  which extended the seminal work of Laubach and Williams (2003).