Dáil Éireann Debate, Tuesday - 7 March 2017
169. Deputy Paul Kehoe asked the Minister for Finance if a UK citizen living in the UK and purchasing a property here is required to have an Irish bank account as part of any requirements; and if he will make a statement on the matter. [11884/17]
View answerI am advised by the Central Bank that neither the Central Bank's Consumer Protection Code 2012 nor the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 include a requirement that a citizen from another EU Member State purchasing a property in Ireland must hold an Irish bank account. Nevertheless, it could also be noted that the Regulations provide that a lender may request a consumer borrower to open or maintain a payment or savings account where the only purpose of such an account is to accumulate capital to repay the credit, to service the credit, to pool resources to obtain the credit or to provide additional security for the creditor in the event of default (Regulation 13).
Subject to compliance with relevant legal and regulatory requirements, it is however important to note that it is a matter for Central Bank regulated lending institutions to set their own commercial and other mortgage lending policies.
