The Central Bank has been awarded the accolade of 'Central Bank of the Year' by the Central Banking Journal and centralbanking.com for its work in 2015. The award is made by an advisory board of former central bank governors worldwide who found that the CBI has restored its credibility among its peers through its forward-thinking, particularly in the area of supervision.
The Central Bank's treatment of mortgages and borrowers was one of the main areas which was praised by the Advisory Board. The CBI's introduction of residential mortgage lending rules last year was praised as 'timely' action taken to cool an 'overheated' property market. The fact that these rules were introduced despite protestations by businesses and political interests was pointed to as an example of the Central Bank acting with 'new-found resolve to tackle sensitive issues in an independent manner'. In addition, it was stated that the Central Bank's work in protecting borrowers through the statutory mortgage arears code has influenced and shaped wider policy debate at EBA level. The Central Bank's performance in relation to non-performing loans – in particular, mortgage arrears – was also referred to, with the Advisory Board quoting CBI figures estimating that "sustainable solutions have been proposed to the majority of those in arrears, and concluded in 62% of these cases".