Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

In July 2009 the Central Bank of Ireland issued very stringent guidelines to the banks in regard to mortgage lending. It referred to reductions in mortgage terms, more robust loan-to-value ratios and the tightening up of calculations in regard to mortgage lending. If there was an additional room in a house, one could not include renting it as earning capacity, nor could one include overtime. These are all the types of madness which got us into difficulties. That direction was given to the banks in 2009 and I would be very keen, as would this committee, to learn what sort of oversight the Central Bank of Ireland has in regard to that. Have the banks reduced their mortgage terms in recent years? Are they tightening up on the ratios and on earnings?