Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

-----and that it is independent in the exercise of its functions.

These rules were introduced last February and only apply to mortgages that were sought and approved since then, so there is a limited amount of data available. The bank usually reviews these things on an ongoing basis. It is not a question of one review. It monitors the data to determine the effect of measures such as these.

Recent data published by the Banking and Payments Federation Ireland indicate that residential mortgage lending in the nine months to the end of September amounted to €3.4 billion, which was 35% higher than the same period last year. The data also show that the value of drawdowns by first-time buyers in the third quarter was at its highest level this year. The data coming through do not suggest that the macro-prudential rules have stopped the flow of mortgages. The value of mortgages since the rules were introduced has actually risen by 35% and the third quarter of this year was the strongest quarter for the issuing of mortgages.

I would expect the Central Bank to monitor the data on an ongoing basis and we will see where they land. These things are very difficult because there are risks on both sides, as the Deputy pointed out. The Central Bank has the statutory authority to deal with this.

See this speech in context