Thomas Gould
Question:246. Deputy Thomas Gould asked the Minister for Finance the date of the last engagement he had with the Central Bank to discuss macro-prudential lending rules for mortgage applicants. [54816/23]
View answerTuesday, 12 December 2023
Questions (246)
Written answers
The Central Bank of Ireland, as part of its independent mandate to preserve and protect financial stability in Ireland, has statutory responsibility for the regulation of mortgage lending by banks and other Central Bank regulated mortgage lending institutions operating in Ireland.
In line with this mandate, the Central Bank introduced macroprudential measures, which apply certain loan-to-value and loan-to-income restrictions to residential mortgage lending by such institutions. These measures are contained in regulations made by the Central Bank under section 48 of the Central Bank (Supervision and Enforcement) Act 2013. Pursuant to that Act, the Central Bank is required to formally consult the Minister before making such regulations.
The last formal consultation took place in October 2022 in relation to the changes to the mortgage lending rules which came into operation on 1 January 2023.
In November 2023 the Central Bank reviewed these measures and it judged that the refreshed mortgage measures framework has been operating in a manner that is consistent with their objectives.
Therefore, the Central Bank did not propose any further change to the residential mortgage lending measures and consequently there was no further formal consultation process about the mortgage lending measures.