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Deposit plans backed

FRIENDS First economist Jim Power has backed the Central Bank's controversial mortgage deposit plans.

Mr Power said the proposals, which would require most first-time buyers to save up for a hefty deposit of 20pc, were "prudent and sensible".

"It is not the role of the Central Bank to worry about whether first-time buyers can get on the housing ladder or not. Its role is to control the risk in the mortgage market with the aim of bolstering the stability and resilience of the banking system," Mr Power said.