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Ireland to have cap on home mortgages

Central Bank of Ireland will bring in new rules to prevent home buyers from taking on too much debt in relation to their incomes and the values of the purchased property. Governor Patrick Honohan said the proposed rules limiting the levels of debt taken on by home buyers could prevent a recurrence of the property crash happened in 2008 that heavily impacted the country’s banking system and forced the government to seek help from the IMF and EU. Earlier, the country had norms in this regard like loan-to-income ratios and loan-to-value ratios. In Ireland, house prices are still 41% off their 2007 peak, but these have been rising rapidly in recent months and were up 14.9% in the 12 months to August.

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