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

This question relates to the new mortgage rules introduced by the Central Bank recently and seeks the views of the Minister on their impact on, in particular, non-first time buyers who will now be subject to a 20% deposit requirement in, at least, 85% of cases.

What is the Minister's view of the impact of this onerous requirement on those seeking to trade up or move home by virtue of finding a job elsewhere or their family size growing? When will these rules take effect? Will they require the approval of the House or merely the laying of a statutory instrument before the House? Will the Minister clarify this procedural matter?

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