Hard-working couples hurt by strict loan rules
The Central Bank clearly doesn't do the "bleeding obvious," one must presume. If it did would it calling for evidence of the impact of its mortgage rules? Soaring rents, a generation unable to meet the massive deposit levels now demanded and an inability to access finance, are all evidence of the negative impact of the bank's rules. The State's financial watchdog is also to hold a review of the measures.
But announcing the move, its Deputy Governor, Sharon Donnery, stressed that while the mortgage rules may in the future be amended, they were introduced as permanent features of the Irish mortgage market. So what is the point in conducting a review if the caps are here in perpetuity?
The rules were intended to make the financial system safer. But they have been attacked for depressing the growth of house prices, and blocking the building of more.