Pearse Doherty (Donegal, Sinn Fein)
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244. To ask the Minister for Finance further to Parliamentary Question No. 160 of 6 April 2016, if the circa 11% figure given for a bank (details supplied) is a figure for the amount of new mortgage loans that are counted as exceptions under the Central Bank's loan to value rules or if they are the figure for exemptions, switchers, negative equity and so on; and if he will make a statement on the matter. [12801/16]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by the lender referred to in your question that the 11% quoted represents the amount of new mortgage loans that are considered as exceptions under the Central Bank of Ireland's macro prudential rules and does not include any exemptions for, for example, switchers or negative equity customers.

The Deputy may also be aware that, in relation to the review of the macro prudential measurers for residential mortgage lending, the Central Bank has informed me this will take place later this year with publication expected in November.

The Central Bank has indicated that, while the general framework of mortgage rules is intended to be a permanent feature, arising from this forthcoming review the calibration of these rules can be tightened, loosened or left unchanged in response to its analysis of the operation of these rules from inception through summer 2016. However, it has cautioned that, given the value of a stable rules-based system, any changes to the existing measures will require a high evidence threshold. 

As part of the review process, the Central Bank has indicated that it will invite written public submissions that provide evidence-based analyses of the impact of the rules and that details on this process will be provided in advance of the submission period. 

The macro prudential regulations were put in place under the provisions of section 48 of the Central Bank (Supervision and Enforcement) Act 2013 and that Act requires the Central Bank to formally consult with me, as Minister for Finance, on any new regulation it proposes to put in place under that section including in relation to the mortgage lending macro prudential measures.