real interest rates did in Ireland. Effectively customers were being "paid" to borrow money as inflation outstripped interest and mortgage rates. ECB Rate vs Ireland Real Interest Rate a 7 7 6 6 5 5 4 3 3 • jz fTh , 2 . 2 I I I 2 1 2 1 2 cn cn cn —Iceland Real Meted Rates I cn 2