The Central Bank has published an overview of the countercyclical capital buffer ('CCB'), a Europe-wide macro-prudential instrument which came into effect on 1 January 2016. The Central Bank's Economic Letter explains that, were the Central Bank to increase the CCB rate for Irish exposures from its current 0%, banks would 'generally' have one year to meet the increased capital requirement. The CCB will be reviewed quarterly and the rate for individual institutions will be measured as the average of the CCB rates in the countries where they operate. The letter also applies the economic indicators to historical data, and makes the claim that the use of the CCB, and accompanying economic indicators recommended by the European Systemic Risk Board, would have flagged the potential excessive credit growth and rising systemic risk in Ireland before 2008.