ECB's Makhlouf says new risks emerging as others fade

DUBLIN (Reuters) - A large part of monetary tightening has yet to be passed through to the financial system and economy, and while some risks are fading, new vulnerabilities are emerging, European Central Bank policymaker Gabriel Makhlouf said on Wednesday.

"Early signals of the impact of inflation and monetary tightening on borrower resilience are becoming visible among Tracker mortgages, personal loans and certain corporate lending segments," Makhlouf told an Irish central bank conference.

"Having said that there is huge uncertainty as to what lies ahead. A large part of monetary tightening has yet to be passed through to the financial system and to the economy; and while some risks are fading, new risks are emerging."

(Reporting by Padraic Halpin and Conor Humphries; Editing by Andrew Heavens)