diff --git a/src/e2ir.c b/src/e2ir.c
index 4a873c9e329b..045bd108bce3 100644
--- a/src/e2ir.c
+++ b/src/e2ir.c
@@ -2460,7 +2460,7 @@ elem *toElem(Expression *e, IRState *irs)
                 Type *ta = are->e1->type->toBasetype();
 
                 // which we do if the 'next' types match
-                if (ae->ismemset)
+                if (ae->ismemset & 1)
                 {
                     // Do a memset for array[]=v
                     //printf("Lpair %s\n", ae->toChars());
@@ -2649,7 +2649,7 @@ elem *toElem(Expression *e, IRState *irs)
 
             /* Look for reference initializations
              */
-            if (ae->op == TOKconstruct && ae->e1->op == TOKvar)
+            if (ae->op == TOKconstruct && ae->e1->op == TOKvar && !(ae->ismemset & 2))
             {
                 VarExp *ve = (VarExp *)ae->e1;
                 Declaration *s = ve->var;
diff --git a/src/expression.c b/src/expression.c
index 33cf9e3d88f6..3b46c0a16106 100644
--- a/src/expression.c
+++ b/src/expression.c
@@ -11205,6 +11205,13 @@ Expression *AssignExp::semantic(Scope *sc)
     {
         //printf("[%s] change to init - %s\n", loc.toChars(), toChars());
         op = TOKconstruct;
+        if (e1->op == TOKvar &&
+            ((VarExp *)e1)->var->storage_class & (STCout | STCref))
+        {
+            // Bugzilla 14944, even if e1 is a ref variable,
+            // make an initialization of referenced memory.
+            ismemset |= 2;
+        }
 
         // Bugzilla 13515: set Index::modifiable flag for complex AA element initialization
         if (e1->op == TOKindex)
@@ -11219,7 +11226,7 @@ Expression *AssignExp::semantic(Scope *sc)
      * check for operator overloading.
      */
     if (op == TOKconstruct && e1->op == TOKvar &&
-        ((VarExp *)e1)->var->storage_class & (STCout | STCref))
+        ((VarExp *)e1)->var->storage_class & (STCout | STCref) && !(ismemset & 2))
     {
         // If this is an initialization of a reference,
         // do nothing
@@ -11666,7 +11673,7 @@ Expression *AssignExp::semantic(Scope *sc)
         // Check for block assignment. If it is of type void[], void[][], etc,
         // '= null' is the only allowable block assignment (Bug 7493)
         // memset
-        ismemset = 1;   // make it easy for back end to tell what this is
+        ismemset |= 1;  // make it easy for back end to tell what this is
         e2x = e2x->implicitCastTo(sc, t1->nextOf());
         if (op != TOKblit && e2x->isLvalue() &&
             e1->checkPostblit(sc, t1->nextOf()))
@@ -11784,7 +11791,7 @@ Expression *AssignExp::semantic(Scope *sc)
     if ((t2->ty == Tarray || t2->ty == Tsarray) && isArrayOpValid(e2))
     {
         // Look for valid array operations
-        if (!ismemset && e1->op == TOKslice &&
+        if (!(ismemset & 1) && e1->op == TOKslice &&
             (isUnaArrayOp(e2->op) || isBinArrayOp(e2->op)))
         {
             type = e1->type;
@@ -11795,7 +11802,7 @@ Expression *AssignExp::semantic(Scope *sc)
 
         // Drop invalid array operations in e2
         //  d = a[] + b[], d = (a[] + b[])[0..2], etc
-        if (checkNonAssignmentArrayOp(e2, !ismemset && op == TOKassign))
+        if (checkNonAssignmentArrayOp(e2, !(ismemset & 1) && op == TOKassign))
             return new ErrorExp();
 
         // Remains valid array assignments
diff --git a/src/expression.h b/src/expression.h
index 4e02a1ba813d..1004120b34ad 100644
--- a/src/expression.h
+++ b/src/expression.h
@@ -1160,7 +1160,9 @@ class PreExp : public UnaExp
 class AssignExp : public BinExp
 {
 public:
-    int ismemset;       // !=0 if setting the contents of an array
+    // &1 != 0 if setting the contents of an array
+    // &2 != 0 if setting the content of ref variable
+    int ismemset;
 
     AssignExp(Loc loc, Expression *e1, Expression *e2);
     Expression *semantic(Scope *sc);
diff --git a/test/runnable/sctor.d b/test/runnable/sctor.d
index c678e6a7dd83..a4bc5532a105 100644
--- a/test/runnable/sctor.d
+++ b/test/runnable/sctor.d
@@ -316,6 +316,26 @@ class D14351c : B14351
     this(inout int[] arr) inout { super(arr); }
 }
 
+/***************************************************/
+// 14944
+
+static int[2] tbl14944;
+
+static this()
+{
+    foreach (ref v; tbl14944)
+    {
+        // This is an initialization of referenced memory
+        // rather than the initialization of the reference.
+        v = 1;
+    }
+}
+
+void test14944()
+{
+    assert(tbl14944[0] == 1);
+}
+
 /***************************************************/
 
 int main()
@@ -324,6 +344,7 @@ int main()
     test9665();
     test11246();
     test13515();
+    test14944();
 
     printf("Success\n");
     return 0;