The report by the President of the European Council, Herman van Rompuy, can be read here.
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Call for Papers
Bank Resolution Mechanisms
A joint academic-practitioner conference with the theme Bank Resolution Mechanisms wil be held in Dublin, Ireland on Thursday May 23rd, 2013, organized by the Financial Mathematics and Computation Cluster (FMCC) at University College, Dublin and the Department of Economics, Finance & Accounting at National University of Ireland Maynooth.
Available here.
Journalists are going to have a field day with the latest residential property data from the CSO. Prices in Dublin seem to have risen slightly. Overall, house prices in Dublin are 55% lower than at their peak in early 2007. See the graph below.
From the report:
In the year to May, residential property prices at a national level, fell by 15.3%. This compares with an annual rate of decline of 16.4% in April and a decline of 12.2% recorded in the twelve months to May 2011.
Residential property prices grew by 0.2% in the month of May. This compares with a decline of 1.1% recorded in April and a decline of 1.2% recorded in May of last year.
It’s important to have more data before before every auctioneer/journalist/commentator in the country starts calling the bottom of the housing market. We’re only talking about a few months of semi-positive growth. I don’t want to take away from the data, but interpreting these data points as proof the worst is over is premature, given the scale of the year on year change (about a 15% drop).
Zsolt Darvas at Bruegel has a new paper on this topic – available here.