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

 Mortgage Measures table

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