Lending limits to be cut in banking reforms

NEW limits on how much customers can borrow are to be introduced as part of a radical reform of how banks are policed.

In a wide-reaching paper outlining its improved approach to banking supervision, the Central Bank has said the days of consumers being able to borrow freely are essentially over.

Credit limits are set to be more tightly regulated and restrictions on mortgage and other lending will be introduced, based on people’s individual disposable incomes.