Barry Ward (Fine Gael) | Oireachtas source

I totally understand the week before the budget is not a good time for officials or Ministers in the Department of Finance, therefore, I have no difficulty with the fact that the Minister could not be here.

I recognise what the Central Bank said about the improvement in the credit quality of new mortgage loans by guarding against a return to lending at high loan-to-income and loan-to-value rates, such as those observed in the past. I recognised the importance of the limits and the Minister of State kindly acknowledged that as well. I do not have an issue with the LTI provisions. What I am saying is that the 20% deposit is insurmountable for many people. I am delighted about the decision of the Central Bank to do a more comprehensive review of this. While the bank is right that it has led to an improvement in credit standards and quality, it has also led to a situation where many young people, those coming out of relationships that have broken down, find it incredibly difficult if not impossible to obtain a mortgage for a home, be it a first or a second home.

In raising this matter in the House - I think the Minister of State has acknowledged this and the Central Bank is probably aware of it, to one extent or another - I am asking for great flexibility and that people in certain categories should not be locked out of the mortgage market as they are de facto at present. I hope the Central Bank review, which it will conduct in a comprehensive fashion, will bring about a change of mind in respect of some lenders.