Mortgage Measures
Mortgage Measures Review 2016
The following report, published on 23 November 2016, constitutes the first review of the Central Bank's macroprudential mortgage market Regulations since their introduction on 9 February 2015.
More information on these regulations is available below, including policy documents, research papers and related previous consultations.
2016 Review of Residential Mortgage Lending Requirements | pdf 1538 KB
FAQs Outcome of the 2016 Review of Residential Mortgage Lending Requirements | pdf 418 KB
The following infographic outlines the review process and the three structural changes that came into effect from 1 January 2017.
Outline of the Loan-to-Value and Loan-to-Income Regulations
Additional Information
Mortgage Measures Press Conference: watch back, read transcript
2015 Regulations (Statutory Instrument No. 47 of 2015)
2016 Regulations (Statutory Instrument No. 568 of 2016)
Research Papers
The regulations have been based on in-depth economic analysis and empirical evidence. This research has been published and can be found below.
Economic Letter: Macroprudential Measures and Irish Mortgage Lending: A Review of Recent Data | pdf 375 KB
Policy Paper The Introduction of Macroprudential Measures for the Irish Mortgage Market | pdf 799 KB
Research Technical Paper: Credit conditions, macro-prudential policy and house prices | pdf 757 KB
Research Technical Paper Designing Macro-prudential Policy in Mortgage Lending Do First Time Buyers Default Less | pdf 512 KB
Economic Letter: Do First time buyers default less? Implications for macro-prudential policy | pdf 501 KB
Economic Letter: Mortgage insurance in an Irish context | pdf 323 KB
Economic Letter: House price volatility: The role of different buyer types | pdf 1083 KB
Economic Letter: Assessing the impact of macro-prudential measures | pdf 662 KB
Economic Letter: Macro-prudential measures and the housing market | pdf 781 KB
Economic Letter: Macro-prudential Tools and Credit Risk of Property Lending at Irish banks | pdf 452 KB
Economic Letter: Assessing the sustainability of Irish residentail property prices: 1980 Q1 - 2016 Q2
Economic Letter: Housing supply after the crisis
Economic Letter: Exploring developments in Ireland's regional rental markets
Economic Letter: Modelling Irish Rents: Recent Developments in Historical Context
Economic Letter: Macroprudential Measures and Irish Mortgage Lending: Insights from H1 2016
Economic Letter: The Effects of Macroprudential Policy on Borrowers Leverage
Economic Letter: Model-based estimates of the resilience of mortgages at origination
Economic Letter: Originating Loan to Value ratios and the resilience of mortgage portfolios
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.
CP87 Macro-prudential policy for residential mortgage lending | pdf 1321 KB
Responses to CP87 and feedback statement | pdf 1010 KB
Feedback Statement and Submissions
Submissions were received from 24 individuals and 27 different organisations as outlined below.
1. Submissions from 24 Individuals
Feedback statement on call for submissions, Review of residential mortgage lending requirements | pdf 993 KB
Individual Submissions | pdf 630 KB
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)
Dermot O'Leary Analysis of BAF | pdf 177 KB
Behaviours and Attitudes Survey | pdf 2606 KB
3. AMTrust International Mortgage & Special Risks
AMTrust | pdf 770 KB
4. Association of Expert Mortgage Advisors (AEMA)
AEMA Main Submission | pdf 350 KB
AEMA Behaviours and Attitudes Survey | pdf 2605 KB
AEMA Dermot O'Leary Research | pdf 177 KB
5. Association of Personal Insolvency Practitioners (APIP)
APIP Main Submission | pdf 460 KB
APIP Negative Equity and Deferred Debt Payments | pdf 164 KB
6. Bank of America Merrill Lynch
BoAML Bank Analysis | pdf 1440 KB
7. Banking Payments Federation Ireland (BPFI)
BPFI | pdf 1612 KB
8. Brendan Burgess
Brendan Burgess Askaboutmoney case studies | pdf 204 KB
Brendan Burgess Main Submission | pdf 243 KB
9. Cairn Homes PLC
Cairn Cover Letter | pdf 370 KB
Cairn Submission | pdf 815 KB
10. Construction Industry Federation (CIF)
CIF | pdf 337 KB
11. Cork Chamber of Commerce
Cork Chamber of Commerce | pdf 409 KB
12. Craddock Estates Ltd
Craddock Estates Ltd | pdf 202 KB
13. Credit Union Development Association (CUDA)
CUDA | pdf 290 KB
14. Dan McLaughlin
Dan McLaughlin | pdf 490 KB
15. Department of Finance
Dept of Finance Submission (Aug 16) | pdf 277 KB
16. DNG
DNG | pdf 277 KB
17. Fianna Fáil
Fianna Fáil | pdf 378 KB
18. Hooke & MacDonald
Hooke and MacDonald Main Submission | pdf 1090 KB
Hooke and MacDonald Behaviour and Attitudes Survey | pdf 2601 KB
19. The Institute of Professional Auctioneers and Valuers
The Institute of Professional Auctioneers and Valuers | pdf 1283 KB
20. JLT Insurance Brokers Ltd
JLT Submission | pdf 13681 KB
JLT Submission Cover letter | pdf 230 KB
JLT Dec 2014 | pdf 8004 KB
21. Labour Party
Labour Party | pdf 332 KB
22. MDC Mortgage Brokers t/a Irish Mortgage Brokers
MDC Main Submission | pdf 1306 KB
MDC Dermot O'Leary Analysis of BAS | pdf 177 KB
MDC Dermot O'Leary Research | pdf 177 KB
MDC Behaviour and Attitudes Survey | pdf 2619 KB
23. Professional Insurance Brokers Association
PIBA Report | pdf 557 KB
PIBA Annex | pdf 177 KB
24. Property Industry Ireland (IBEC)
Property Industry Ireland | pdf 415 KB
Property Industry Ireland Behaviour and Attitudes Survey | pdf 2619 KB
25. Ronan Lyons
Ronan Lyons | pdf 265 KB
26. Sherry Fitzgerald
Sherry Fitzgerald | pdf 1200 KB
27. Sinn Féin
Sinn Féin | pdf 260 KB
28. Ulster Bank
Ulster Bank | pdf 168 KB