Terence Flanagan (Dublin North East, Independent)
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198. To ask the Minister for Finance the new deposit that will be required by first-time buyers to take out a mortgage in 2015; and if he will make a statement on the matter. [42889/14]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, the Central Bank of Ireland has published a consultation paper on a macro-prudential policy for residential mortgage lending.  A copy of the Consultation Paper is available on the Central Bank website (at  ). As the consultation process is currently underway, the precise measures on this matter remain to be finalised.Comments on the contents of the consultation paper can be made electronically to the Central Bank at by 8 December 2014.

Consumers who have already been approved mortgages, but who will not draw down those loans until next year, may be interested to note the following points from the Central Bank consultation paper:

- If a regulated financial service provider has entered into a Mortgage Offer (Sanction in Principle) commitment before the date on which the loan-to-value/loan-to-income (LTV/LTI) limits come into effect, the limits do not apply to that commitment. If a regulated financial service provider enters  into a Mortgage Offer (Sanction in Principle) commitment after the date on which the LTV/LTI limits come into effect, the limits do  apply to that commitment should the mortgage be drawn down.

- Committed but undrawn amounts on an existing mortgage lending facility that was formally agreed via a signed letter of offer before the date on which the LTV/LTI limits come into effect will not be included in the limits.