Mortgage Measures 

Mortgage Measures Review 2016

Details of the first review of the mortgage measures were announced by Governor Philip R. Lane on 23 November 2016.

Watch back: Mortgage Measures Press Conference

(If clicking on the above image doesn't bring you to the video, click here)

See below for the measures that will apply from 1 January 2017.

 

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Loan-to-Value and Loan-to-Income Measures in detail

Background

On the 27 January 2015 the Central Bank of Ireland first announced regulations for residential lending by regulated financial services providers in the Irish market. The measures came into force on 9 February 2015. The results of the first review of the mortgage measures was announced on the 23 November 2016 and it is intended that the amendments will come into force on 1 January 2017.

More information on these regulations is available below, including policy documents, research papers  and related previous consultations.

 

Research Papers

The regulations have been based on in-depth economic analysis and empirical evidence. 
Here are the relevant research papers published today.  

Two recent research papers on new lending since the introduction of the measures can be found here.

The introduction of the measures in 2015 review was also informed by other a range of existing empirical research and these papers which are listed here.

 

Feedback Statement and Submissions

Policy Documents

 

Previous Consultations

The regulations were informed by a public consultation issued in 2014. The Central Bank of Ireland published a feedback document providing an overview of responses to the submissions made during the consultation process and the review process undertaken by the Central Bank of Ireland. The consultation paper, feedback statement, and the responses received to the consultation can be found below.

 

Submissions

Submissions were received from 24 individuals and 27 different organisations as outlined below.

1. Submissions from 24 Individuals

2. Joint Submissions (submitted by Society of Chartered Surveyors Ireland, Banking & Payments Federation Ireland, Construction Industry Federation, Lisney, Irish Mortgage Brokers, DNG, Hooke and MacDonald, IPAV, Property Industry Ireland, Association of Expert Mortgage Advisors, Irish Brokers Association and JLT  Dec 2014.)

3. AMTrust International Mortgage & Special Risks

4. Association of Expert Mortgage Advisors (AEMA)

5. Association of Personal Insolvency Practicioners (APIP)

6. Bank of America Merrill Lynch

7. Banking Payments Federation Ireland (BPFI)

8. Brendan Burgess

9. Cairn Homes PLC

10. Construction Industry Federation (CIF)

11. Cork Chamber of Commerce

12. Craddock Estates Ltd

13. Credit Union Development Association (CUDA)

14. Dan McLaughlin

15. Department of Finance

16. DNG

17. Fianna Fail

18. Hooke & MacDonald

19. The Institute of Professional Auctioneers and Valuers

20. JLT Insurance Brokers Ltd.

21. Labour Party

22. MDC Mortgage Brokers t/a Irish Mortgage Brokers

23. Professional Insurance Brokers Association

24. Property Industry Ireland (IBEC)

25. Ronan Lyons

26. Sherry Fitzgerald

27. Sinn Fein

28. Ulster Bank