Central Bank (Variable Rate Mortgages) Bill 2016

Public bill · Private Member · Presented

Gives the Central Bank power to monitor the market for variable-rate home mortgages, decide whether competition problems are allowing lenders to charge unfairly high rates, and order lenders to cut rates to a level it considers justified. It also lets the Bank go to court to force compliance, fine lenders who ignore directions, and require repayment or compensation where existing borrowers are treated worse than new customers. The aim is to stop loyal mortgage customers being penalised and to make variable mortgage pricing more transparent and fair.

Formal long title

Bill entitled an Act to provide for measures to address market failures in the market for principal dwelling House mortgage loans, and to provide for related matters

Last updated 19 February 2020