Central Bank (Emergency Powers) (Variable Interest Rates) Bill 2015

Public bill · Private Member · Introduced

The proposal would let the Central Bank direct banks to reduce variable mortgage rates on people’s main homes, taking account of European Central Bank rates, comparable rates elsewhere in the EU and each bank’s charges. Banks that failed to follow a direction could face enforcement action. The power would be temporary: it would expire after three years unless both Houses of the Oireachtas renewed it, while directions already issued could continue for up to 12 months.

Formal long title

Bill entitled an Act to empower the Central Bank to direct banks to reduce mortgage interest rates chargeable in respect of the holders of variable rate mortgages pertaining to their principal place of residence

Last updated 12 April 2018