Housing minister: 'I'm not remotely scared of institutional investors'

Darragh O'Brien, the housing minister, said of the rent cap: 'The 2% is not a target at all: 2% is the ceiling.' Picture: Gareth Chaney/Collins

The housing minister has said he is "not remotely scared of institutional investors", after publishing legislation to cap rent increases at 2%.

Darragh O'Brien had linked the rise in rents to inflation, when he scrapped rent-pressure zones in July, but with inflation now outstripping the previous 4% limit, another move was necessary.