Oireachtas Joint and Select Committees

Thursday, 10 May 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Banking Sector: Quarterly Engagement with the Central Bank of Ireland

9:30 am

Photo of Kieran O'DonnellKieran O'Donnell (Fine Gael) | Oireachtas source

Do they have too much control over the property market at present? As for their control over the rental market, it initially was assumed the funds would just be asset disposal agencies. What happened is that they came in suddenly, bought property and loans for half nothing and suddenly realised they were sitting on a goldmine. They are holding on to the property. I see too much of this on a day-to-day basis. Does the Governor have concerns over the pervasiveness of disposal agency activity in the property market in Ireland, bearing in mind stability, consumer protection and control over the rental market? A myriad of issues arise but they are all linked. What is the Central Bank doing this regard? If it is identifying that there could be disorderly property market price reversals, effectively owing to the activities of vulture funds here, what is it doing to address this to ensure they do not happen?

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