Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

It strikes me that a 20% minimum deposit requirement would be too onerous for many. A couple buying a house in Dublin for €300,000 would be required to have €60,000 put aside, which would be really tough. It would be unachievable by many who are renting at a time when rents are increasing quickly and simply do not have the capacity to save such an amount of money. This has societal implications also. Persons from wealthy families that have access to resources and savings will be able to get around these rules. The Central Bank needs to take account of these points when it is finalising the formal proposal. Some level of deposit is good and should lead to more responsible lending, but we do not want to over-react to what has happened. A 20% minimum deposit requirement would be an over-reaction and have unintended consequences which would not necessarily be good for society.

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