Dáil Éireann Debate, Tuesday - 24 November 2015
151. Deputy Pearse Doherty asked the Minister for Finance the percentage of the space permitted for exemptions from the deposit rules used by the banks to date, subject to the Central Bank of Ireland's macro-prudential mortgage lending rule, by regulated bank in tabular form; the value of these exempted loans; the average mortgage within this set of exempted mortgages; and if he will make a statement on the matter. [41178/15]
Amharc ar fhreagraAs the Deputy is aware, the Central Bank of Ireland, in line with its mandate to safeguard financial stability, has put in place new macro-prudential measures for residential mortgage lending effective from last February. These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market. The key objective of these measures is to increase the resilience of the banking and household sectors to the property market and to reduce the risk of bank credit and house price spirals from developing in the future. The Central Bank is independent in the formulation and operation of these new macro prudential measures. However, I am informed by the Central Bank that compliance with the macro prudential regulation will be measured on an annualised basis at year end and that a decision will be made by the Bank at that time in relation to the publication of information.
