Written answers

Thursday, 24 October 2019

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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76. To ask the Minister for Finance if the Central Bank is in the process of reviewing the macroprudential mortgage rules; if he anticipates changes to the rules particularly with regard to first-time buyers; and if he will make a statement on the matter. [44158/19]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank of Ireland has an overall and independent responsibility to promote and protect financial stability and the mortgage lending measures, which were introduced in 2015, are an important tool available to the Bank for that purpose. 

The Central Bank has committed itself to keeping the particular leading measures under review and the Bank is conducting its annual review of the measures to ensure that their overall calibration and operation remain appropriate given the stated objectives of the policy to:

(1) enhance bank and borrower resilience to negative financial and economic shocks and

(2) dampen pro-cyclicality and limiting the probability of a damaging credit-house price spiral emerging. 

The Central Bank has informed me that it will publish the details and outcome of the annual review in December.


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