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gruffydd

Mortgage Loan Caps Robustly Defended By Irish Central Bank

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Regulator says financial sector unable on their own to uphold ‘prudent’ credit standards... http://www.irishtimes.com/business/economy/mortgage-loan-caps-robustly-defended-by-central-bank-1.2583355

“One thing is clear – allowing lending and prices to spiral off again is not a solution, and would be a betrayal to the next generation of Irish home buyers,” he said. “Higher deposit requirements slow individual households’ entry into the property market, but. . . they prevent us from overbidding each other with ever-increasing amounts of borrowed money.”

Mr Frisell said it was almost certain the loan caps and forces beyond Central Bank control, such as planning rules, have had an impact on property prices. “Annual house price growth in Dublin has decreased from an unsustainable rate over 20 per cent in 2014 to a modest 3 per cent in 2015, with small decreases recorded in recent quarters.

Edited by gruffydd

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they prevent us from overbidding each other with ever-increasing amounts of borrowed money

Shock, horror - the media reporting that a primary driver of house prices is the amount the bank will lend to the sheeple.

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Well as least one CB is seeing a little sense.

and look at the impact... immediate... whilst our liar politicians keep us fixated on "building more houses" which will mainly be bought by landlords anyway, and often with dodgy cash from abroad! And such measures may have some kind of impact a few DECADES down the line... charlatans the lot of them! Meanwhile, our central bank denies there's a bubble! Britain really is in trouble.

Edited by gruffydd

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