While then Central Bank governor Patrick Honohan said in 2014 that it would not be good idea for the regulator to be given powers to control variable mortgage rates, he said that there may be a need to restrict rates on mortgages sold to non-banks deviating from market practice.
“A lot has changed since I introduced my own Bill. Irish rates are now the third-lowest in the euro zone, whereas they once were among the most expensive,” he said. “We also have a situation now where over 90 per cent of new mortgages being written are fixed-rate in nature. We have also seen an uptick in mortgage switching.”
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