Minister for Finance to lay revised regulations on macro prudential mortgage lending before the Houses of the Oireachtas

The Governor of the Central Bank Mr Patrick Honohan today consulted with the Minister for Finance Michael Noonan T.D. in relation to the Central Bank macro prudential proposals on residential mortgage lending. This consultation is required under section 48 of the Central Bank (Supervision and Enforcement) Act 2013. Following the meeting the Minister for Finance agreed that the revised regulations will now be laid before the Houses of the Oireachtas as required under section 51 of the Act.

Speaking after today’s meeting, Minister Noonan commented:

“The Central Bank proposals on mortgage lending will be laid before the Houses of the Oireachtas following my meeting today with the Governor of the Central Bank. The proposals announced today are arrived at following an extensive consultation process conducted by the Central Bank. The announcement of these revised proposals will provide certainty to borrowers and ensure that banks continue to engage in prudent lending practices”.