Sinn Féin Finance Spokesperson Pearse Doherty TD has given a broad welcome to the Central Bank’s announcement on new mortgage rules. He said the debate around the new rules has shown up the government’s’ failure to provide social housing and a functioning rental market.
Deputy Doherty said:
“I give a broad welcome to the Central Bank’s new rules. Sinn Féin fully supports the principle behind the move. Regulation such as these new rules have a crucial role to play in creating a normal healthy lending market that is not based on runaway property prices fuelled by credit.
“These new rules must be monitored and reviewed to ensure they achieve their aim of keeping house prices down. Constantly soaring house prices and credit demand chasing increasing prices is bad for the economy and bad for society. This is especially true in Dublin.
“What this debate has brought to the fore is the absolute failure of this government to provide social housing and a functioning rental market. The Central Bank have now effectively put the ball in the government’s court. They must put in place a plan to make sure all parts of the housing market are working.”