Oireachtas Joint and Select Committees
Thursday, 20 April 2023
Public Accounts Committee
2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed)
9:30 am
Verona Murphy (Wexford, Independent) | Oireachtas source
I ask that be submitted so we can have a look at it.
I have one quick question for Mr. Makhlouf. The ECB first increased interest rates last August. Perhaps it was July. I was elected three years ago. In that time, I have persistently called for loan-to-income ratios to be increased. What was behind the Central Bank's thinking to increase them in early 2023? From a layman's perspective, people's ability to repay went down and all of a sudden we have the increase in the loan-to-income ratios from the Central Bank. I did not understand it. At a time when people's ability to repay was dwindling, the Central Bank decided to increase the loan-to-income ratios. I am wondering why this was not done in the three years previous.
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