Central Bank (Mortgage Interest Rates) Bill 2015

Public bill · Private Member · Introduced

The proposal would give the Central Bank power to cap the standard variable mortgage rates charged by certain banks that received State support during the financial crisis. Before acting, the Bank would have to consider factors including the European Central Bank rate, the bank’s financial health, the level of distressed mortgages and the effect on borrowers. Any cap would last up to 12 months, could be reviewed, and would carry penalties for non-compliance; the measure would expire on 31 December 2017.

Formal long title

Bill entitled an Act to provide the Central Bank with the power to direct the covered institutions to lower mortgage interest rates in certain circumstances

Last updated 12 April 2018