The Central Bank’s mortgage caps have rankled many first-time buyers and certain Government figures. Alan Kelly, the hard-nosed Minister for the Environment, said a few months back that the Dame Street crowd had “wrecked” the market for buyers and “hammered” house-building.

The Central Bank can hardly have expected garlands for doing the right thing as it sees it. To say the least, such institutions should never be in the popularity business. But Dame Street has won recognition from peers, having been named as "Central Bank of the Year" by the specialist Central Banking Journal and the centralbanking.com website.

On the day of Oscar nominations in Hollywood, the Journal said 2015 marked the restoration of the Central Bank's credibility.

Noting that the mortgage rules helped curb property prices and price expectations, the judges said the move demonstrated the Central Bank’s resolve to tackle sensitive issues in an independent manner.