The outgoing Central Bank deputy governor Stefan Gerlach has said the bank's new mortgage rules must stay in place.
Mr Gerlach said the "very limited evidence" the bank has so far of the "macro-prudential" policy measures - introduced in January - show that the measures are functioning as intended.
Earlier this year, the Central Bank imposed new mortgage lending rules which include income multiple limits of 3.5 times income, and loan-to-value limits of 80%.
Mr Gerlach made his comments at a Central Bank workshop conference in Dublin today.
He said the measures were introduced to enhance the resilience of the financial system and to reduce the risk of bank credit and house price spirals from developing.
He also said that episodes of financial stability are very difficult to predict.
"Macro-prudential tools therefore need to be permanent features of the financial landscape and will need to be assessed from time to time," he advised.
Research is important - and necessary - to allow the bank to conduct a careful assessment of the broader effects the rules have on the economy, the Central Bank deputy governor added.
Mr Gerlach said that public discussion of the measures has highlighted a number of problems which exist in the Irish housing market, in particular in relation to supply constraints.
"Macro-prudential policy cannot solve these problems and they certainly cannot be resolved by risky lending - they can only be resolved by housing policy," he added.
Mr Gerlach announced in September that he would stepping down from his position at the end of the year. He said he plans to return home to Switzerland to pursue other interests. He was appointed to the position in September 2011.
