Varadkar calls on the Central Bank to review the rules of mortgage lending as soon as possible



TÁNAISTE LEO VARADKAR called on the Central Bank to obtain a revision of the mortgage lending rules “as soon as possible”.

Speaking today in Dáil this afternoon, he said that measures have been taken to ensure financial stability in the aftermath of the collapse and to prevent a future banking crisis.

The rules limit the loan amount to 3.5 times their income, although there are exceptions.

Waradkar said he welcomes the review this year and next, but called for it to be expedited and completed as soon as possible.

He said it was important and correct that a public consultation would be held as part of the review, saying it was important to hear the voices of those trapped in the lease.

Tánaiste said that many people pay rent of 1,800 euros or more, but they cannot get a mortgage, which would mean they will pay less.

It is difficult for people to accept this, he said, “as it is for me,” he added.

central bank said Ireland can learn from the experiences of other countries and will question whether existing tools are the most appropriate. The bank says he also wants to hear from the public very much.

Much of the debate during Leaders’ Questions focused on the housing crisis. Sinn Fein’s Eoin O Broin said Varadkar’s legacy is a land of “sky-high rents” and “skyrocketing prices.”

He accused Tanaist of leading a party of “privileges” and “rising house prices.”

He made the comments after data released by the Central Statistical Office (CSO) this week showed that more than three-quarters of tenants who share housing with others believe they will never own a home.

“These are the victims of Fine Gael’s 10-year housing policy,” O Broin added.

“Tanaist, you have been sitting at the table of the Cabinet of Ministers for 10 years. These stories and tribulations are your legacy.

“In 2011, when you joined the Cabinet of Ministers, the average price of a new home in Dublin was 318,000 euros.

“Today it is 503,000 euros, half a million euros.”

Housing spokesman Sinn Fein said that during Fine Gael’s stay at the office, house prices rose 88% statewide and 95% in Dublin.

“This, Tanaist, is your legacy,” added O Broyn.

“In 2011, the average state rent was € 781 per month.

“Today the average cost is 1256 euros, which is an additional 6,000 euros per year for rent.

“In Dublin, the situation is even worse. The average rent increased from € 960 per month to € 1,745.

“That’s almost € 10,000 a year in rent for the average tenant, and it’s your legacy – skyrocketing prices and sky-high rates.”

He added: “When you were elected leader of Fine Gael, you said you wanted to represent those who get up early in the morning to go to work.

“The only people I see your government represents are the big developers and big landlords who do love deals and land deals like confetti.

“I have to say that it is becoming more and more obvious that Fine Gael is not a party of hardworking people. It is a batch of privileges and a batch of ever-increasing housing prices. “

Varadkar defended his party’s position on the housing issue, but added that he wanted to increase the housing budget.

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He said that 65% of people in Ireland own their own home thanks to the policies introduced by his party.

“This is because of the policies and decisions made by my party, Fianna Fail, Labor, Greens and others over the years,” added Varadkar.

“I know this is not a reality for hundreds of thousands of people in the state, for whom home ownership is a dream, a distant opportunity, and that needs to be changed.

“The government understands this too, and so we took steps to help people buy their first home, like the Assisted Buying program, which has helped tens of thousands of people post a security deposit to buy a home, something like that. against Sinn Fein. “

Varadkar said that the main solution to the housing crisis is to increase the supply of housing of all forms.

Varadkar said, “The housing budget and social housing budget are currently under consideration.”

He added that he wants to “maximize” the housing budget, but added that there are other requirements.


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