Interest Rate Approval Bill 2013

Public bill · Private Member · Introduced

Banks covered by the State’s 2008 financial-support scheme would have to get the financial regulator’s approval before changing variable mortgage interest rates. They would need to explain the proposed rate, start date and reasons; the regulator could approve or reject it, considering the bank’s financial health, borrowers’ interests, mortgage problems and the cost to the State. A rejected proposal could not be resubmitted without being reviewed.

Formal long title

Bill entitled an Act to place an obligation on all covered institutions to seek approval from the financial regulator prior to the rearranging of mortgage interest rates and all related matters

Last updated 12 April 2018