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

"Housing bubble" is the phrase that is usually used in this context. Whether the Central Bank was right or wrong, there is no argument about the reasons it intervened. It did so because it feared another housing bubble which would lead to an economic collapse. My position is that it constantly collects data and is engaged in an ongoing review of the matter. If it believes the rules need to be modulated, I am sure it will act. However, the rules have not yet been in place for 12 months and a period of at least 12 months is needed to determine the effects of the measures.

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