Ruth Coppinger (Dublin West, Socialist Party)
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70. To ask the Minister for Finance if he will report on the implementation of the maximum 80% LTV for mortgage loans; the measures he will implement to assist prospective home owners that are unable to save an adequate amount in view of the rise in house prices; and if he will make a statement on the matter. [45601/14]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, the Central Bank of Ireland published a public consultation paper on the 7th October 2014 regarding proposals for new macro-prudential measures for residential mortgage lending in order to enhance the resilience of the banking sector and households to housing market developments.

The consultation paper proposes a number of measures, one of which is to require lenders to restrict new mortgage lending for primary dwelling purchase above 80 per cent loan-to-value to no more than 15 per cent of the euro value of all loans entered into in a six monthly period.

The Central Bank has now invited comments on the proposals by 8th December 2014 and the Central Bank will carefully consider all the submissions it receives before finalising measures in this area.

The Deputy will be also aware that Budget 2015 contained a number of measures to support a functioning housing market, including a particular measure to support first time buyers to save towards a deposit for their first home.  This provides that DIRT tax will be refunded in respect of savings up to a maximum of 20% of the purchase price and this measure will run until the end of 2017.