I am informed by the Central Bank of Ireland that under the Regulations as they are currently drafted, the restrictions apply to "housing loans". Basically these are loans issued by a lender to a borrower and which are secured on residential property (where a borrower means a person to whom a housing loan
is granted). A "person" in this sense incorporates both legal (i.e. corporates) and natural persons. Where the loan is secured on a residential property, the regulations will apply irrespective of the legal personality of the borrower.
The Central Bank has published a consultation paper on it proposals. The paper outlines its proposals regarding macro-prudential measures for mortgage lending. The consultation process is ongoing and the Central Bank has indicated that the final Regulations may, therefore, differ from what is in the consultation draft.
The consultation period runs until 8 December and the Central Bank invites all stakeholders to provide comments on the draft regulations and questions raised in the Consultation Paper.