A Note on the Size Distribution of Irish Mortgages

DC FieldValueLanguage
dc.contributor.authorKelly, Morgan-
dc.date.accessioned2015-02-19T12:51:08Z-
dc.date.available2015-02-19T12:51:08Z-
dc.date.issued2011-08-
dc.identifier.other201117-
dc.identifier.urihttp://hdl.handle.net/10197/6375-
dc.description.abstractUsing Department of Environment data on number of mortgages by size category we find that the Weibull distribution accurately models the distribution of loans under €300,000 but severely underestimates the number of larger loans. We therefore use a a Pareto distribution for loans above this level. We estimate that from 2006 to 2008 there were fewer than 2,000 loans over €1 million with total value of €3 billion; and that there were 11,000 loans over €500,000 with estimated value of €9 billion. While the number of people taking out these mortgages is unknown, the conjecture that the largest 10,000 mortgage borrowers owe around €10 billion, largely for buy to let mortgages, does not appear implausible given these results. More tentatively, an ecological inference procedure suggests that interest only mortgages went almost exclusively to property investors.en
dc.language.isoenen
dc.publisherUniversity College Dublin. School of Economicsen
dc.relation.ispartofseriesUCD Centre for Economic Research Working Paper Seriesen
dc.relation.ispartofseriesWP11/17en
dc.subjectIrish banksen
dc.subjectBad loansen
dc.subjectMortgagesen
dc.titleA Note on the Size Distribution of Irish Mortgagesen
dc.typeWorking Paperen
dc.internal.availabilityFull text availableen
dc.internal.webversionshttp://www.ucd.ie/t4cms/WP11_17.pdf-
dc.statusNot peer revieweden
dc.identifier.startpage1en
dc.identifier.endpage8en
dc.neeo.contributorKelly|Morgan|aut|-
dc.date.updated2015-02-16-
item.grantfulltextopen-
item.fulltextWith Fulltext-
Appears in Collections:Economics Working Papers & Policy Papers
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