It seems that the Fin Regulator and the Central Bank will act to restrict excessive borrowing.
http://www.rte.ie/business/2010/0621/banks.html
Here is the actual report:
[broken link removed]
Let's hope they restrict the duration of mortages and the LTVs to prevent people taking on too much debt.
I think 80%-90% mortgages over 20-25 years should be the max.
"Consumers are to be limited in their borrowings under new proposals being considered by the Central Bank. The measures are part of sweeping reforms announced today to ensure there won't be a repeat of the financial crisis.
The Central Bank says consumers' ability to borrow has been largely unfettered and there has been no regulation of credit limits. Now it plans to introduce restrictions based on people's disposable income."
It's a pity that the existing guidelines weren't enforced strictly enough.
http://www.rte.ie/business/2010/0621/banks.html
Here is the actual report:
[broken link removed]
Let's hope they restrict the duration of mortages and the LTVs to prevent people taking on too much debt.
I think 80%-90% mortgages over 20-25 years should be the max.
"Consumers are to be limited in their borrowings under new proposals being considered by the Central Bank. The measures are part of sweeping reforms announced today to ensure there won't be a repeat of the financial crisis.
The Central Bank says consumers' ability to borrow has been largely unfettered and there has been no regulation of credit limits. Now it plans to introduce restrictions based on people's disposable income."
It's a pity that the existing guidelines weren't enforced strictly enough.