Pearse Doherty (Donegal South West, Sinn Fein)
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197. To ask the Minister for Finance when he or the Central Bank of Ireland will review the current lending restrictions on mortgage lending and, in the context of such a review, if he will consider extending the base 10% first-time buyer deposit limit to second-time buyers who are seeking to trade up to larger homes to accommodate increased family size. [42557/15]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank of Ireland, in line with its mandate to safeguard financial stability, has put in place macro-prudential measures for residential mortgage lending effective from last February.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market.  The key objective of these measures is to increase the resilience of the banking and household sectors to the property market and to reduce the risk of bank credit and house price spirals from developing in the future. 

The Central Bank is independent in the formulation and implementation of these new macro prudential measures.  As indicated at the outset of this new framework, the Central Bank will continue to monitor the implemented measures on an on-going basis, particularly with regard to achieving the stated objectives of the measures and monitoring any unintended consequences.  This monitoring is on-going and the Central Bank has indicated that it will inform any future decisions in this area.