As with the plan to increase rent allowance to tackle the housing crisis, this will just make the situation worse. What's needed is competition and this will make it less likely that foreign/new banks will enter the market.
OTOH, we haven't exactly been inundated by new market entrants. I certainly haven't seen any foreign bank setting up shop recently.
That might have something to do with populist politicians threating to introduce price fixing in the mortgage market and the political failure to appropriately address the extraordinarily high levels of long-term mortgage arrears.
I a not arguing with you on any of these points! But given specifically your second point - as politics is already interfering with the market, in this case by causing the lack of competition - we might as well have politics go the whole way and interfere even more. Half-way house doesn't do anyone any good (apart from those in arrears, maybe).
FF lodged the Bill with the Ceann Comhairle on Friday evening. This gets it on the Order Paper.
The main debate will take place at the Committee Stage.
Brendan
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