Central Bank economist signals no change on mortgage lending rules

A heavyweight at the Central Bank has again signalled there will be no turning back on its strict mortgage lending rules, as figures yesterday showed the number of home loans advanced by banks fell last month.

Chief economist Gabriel Fagan said that memories of the enormous costs and pain involved in the property and banking crash can soon fade.

This should “impose an obligation both on property market participants and policymakers to act in ways which avoid a repetition of such deleterious outcomes”, he said.