Bank of Lithuania
May 11 12:30 - 17:15
May 12 08:30 - 17:30
Vilnius

The Bank of Lithuania is organising an international conference (11–12 May 2017, Vilnius), ‘Should macroprudential policy target real estate prices?’, which will bring together high-level policy makers from European and international institutions, central banks, prominent academics and experts to share their knowledge on the pros and cons of house price targeting, as well as discuss challenges that might arise in practically implementing available macroprudential tools.

The event is a unique opportunity for key stakeholders to share views, present ideas and experiences on this important but under-discussed topic in macroprudential regulation. Issues on implementation, interaction with other means, issues of their effectiveness will be debated and further elaborated on in country case studies, which should reveal issues arising in practical application.

The video from the conference is available on our YouTube channel

Information about speakers (1.1 MB )

Programme (404.3 KB )

Conference: 
Should macroprudential policy target real estate prices?
11–12 May 2017
 Merchants’ Club, Gedimino pr. 35, Vilnius

AGENDA
Thursday, 11 May

13:00–13:10 WELCOME REMARKS
Tomas Garbaravičius, Member of the Board (Bank of Lithuania)
13:10–13:40 Keynote speaker – Jon Danielsson, Director (Systemic Risk Centre) (644.2 KB )
SESSION 1 Policy discussion: Macroprudential policy reacts to changes in housing prices and also affects them, so why not make housing price growth rates a macroprudential policy target? (Part I)
13:40–14:40

Moderator – Jon Danielsson, Director (Systemic Risk Centre)
The risk warnings of the ESRB in November 2016
Francesco Mazzaferro, Head of the ESRB Secretariat (European Systemic Risk Board)
(771.9 KB )

Macroprudential policy and housing markets
Erlend Nier, Deputy Division Chief of the Monetary and Macroprudential Policies Division (International Monetary Fund)
(313.4 KB )

House prices and macroprudential policy: the Norwegian experience
Torbjørn Hægeland, Executive Director of Financial Stability (Norges Bank)
(723.7 KB )

14:40–15:10 Panel discussion and Q&A
15:10–15:30 Coffee break
SESSION 2     Does the current macroprudential toolkit allow for effective targeting of real estate market imbalances?
15:30–16:30

Moderator – Erlend Nier, Deputy Division Chief of the Monetary and Macroprudential Policies Division (International Monetary Fund) 

Does the current macroprudential toolkit allow for effective targeting of real-estate imbalances: a policy perspective through examples
Taryk Bennani,  Head of Macroprudential Policy Division (Banque de France)
(457.6 KB )

House price cycles in the European Union: seven stylised facts
Gerhard Rünstler, Principal Economist (European Central Bank)
(744.4 KB )

Applying macro-prudential Instruments – first experiences from Finland
Samu Kurri, Head of Institutional Supervision (Financial Supervisory Authority of Finland) 
(213.1 KB )

16:30–17:00 Panel discussion and Q&A

Friday, 12 May

09:00–09:10 WELCOME REMARKS
Vitas Vasiliauskas, Chairman of the Board (Bank of Lithuania)
09:10–09:40 Keynote speaker – Stefan Ingves, Governor (Sveriges Riksbank) (837.5 KB )
SESSION 3 Policy discussion: Macroprudential policy reacts to changes in house prices and also affects them, so why not make house price growth rates a macroprudential policy target? (Part II)
09:40–10:40

Moderator – Tomas Garbaravičius, Member of the Board (Bank of Lithuania)

Diverging housing prices within countries
Dirk Schoenmaker, Senior Fellow (Bruegel)
(361.4 KB )

Why not make house price inflation a macroprudential policy target?
John Fell, Deputy Director General for Macro-Prudential Policy & Financial Stability (European Central Bank)
(547.6 KB )

Thoughts on the macroprudential loss function: Targeting house prices?  
Richard Barwell, Senior Economist (BNP Paribas Investment Partners and London Institute of Banking and Finance)
(502.2 KB )

10:40–11:10 Panel discussion and Q&A
11:10–11:30 Coffee break
SESSION 4 Country experiences in using macroprudential policy measures to counteract unsustainable house price developments (Part I)
11:30–12:30

Moderator – John Fell, Deputy Director General for Macro-Prudential Policy & Financial Stability (European Central Bank)
The Swedish housing market and macro-prudential policy
Kasper Roszbach, Head of the Financial Stability Department (Sveriges Riksbank)
(2.5 MB )

Impact assessment of borrower based measures (LTV/LTIs) in Ireland
Mark Cassidy, Head of the Financial Stability Department (Central Bank of Ireland) 
(920.3 KB )

Getting ready to prevent and tame another house price bubble: Lithuanian example
Tomas Garbaravičius, Member of the Board (Bank of Lithuania)
(1.4 MB )

12:30–13:00 Panel discussion and Q&A
SESSION 5 Country experiences in using macroprudential policy measures to counteract unsustainable house price developments (Part II)
14:00–15:00

Moderator – Dirk Schoenmaker, Senior Fellow (Bruegel)

Creating a Legal Basis for Macroprudential Instruments for RRE Loans: Experiences from Germany
Benjamin Weigert, Director General Financial Stability (Deutsche Bundesbank) 
(228.6 KB )

Macroprudential initiatives in practice – the Danish housing market
Karsten Biltoft, Head of Financial Stability (Danmarks Nationalbank)
(864.5 KB )

Mortgage loans, real estate prices and macroprudential policy in Poland
Piotr Bańbuła, Head of Macroprudential Policy Division (Narodowy Bank Polski)
(821.5 KB )

15:00–15:30 Panel discussion and Q&A
SESSION 6 Finding new ways to contain systemic risk in the real estate sector
15:50–16:50

Moderator – Francesco Mazzaferro, Head of the ESRB Secretariat (European Systemic Risk Board)

Use of a sectoral countercyclical capital buffer: the Swiss experience
Bertrand Rime, Director of Financial Stability Department (Swiss National Bank)

Containing risks in the Dutch mortgage market: recent developments
Jan Kakes, Senior Economist (De Nederlandsche Bank)
(595.7 KB )

Alternatives to borrower-based measures in mitigating risks stemming from real estate markets: the Belgian experience
Thomas Schepens, Head of Macro-prudential Supervision, Belgian FSC member (Nationale Bank van België)
(544.3 KB )

16:50–17:20 Panel discussion and Q&A
Last update: 30-05-2017