Finance Committee to commence Scrutiny of the Central Bank (Variable Rate Mortgages) Bill

19th October 2016

The agenda for the meeting is as follows:

Pre-Legislative Scrutiny on the Central Bank (Variable Rate Mortgages) Bill 2016 (PMB)

Session A: [Minister for Finance]; and

Session B: [Representatives from Fair Mortgage Rates Campaign]

Committee Chairman John McGuinness TD, said, “This is the first time an Oireachtas Committee has scrutinised an Opposition Bill under new rules agreed under Dáil Reform. The Bill, proposed by Deputy Michael McGrath, aims to tackle high variable mortgage interest rates by giving the Central Bank powers that would have the effect of reducing monthly repayments for many people paying variable interest on their loans.”

“It also proposes giving powers to the Central Bank of Ireland to regulate mortgage rates. Our meeting tomorrow will provide the Committee with a valuable opportunity to engage directly with the Minister for Finance and representatives of the Fair Mortgage Rates Campaign to scrutinise this legislation. The Committee will also engage with the Central Bank of Ireland in the coming weeks to hear its views on the proposed legislation. The European Central Bank has also been consulted, in accordance with EU rules.”

Committee proceedings can be viewed live here.

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

ENDS/