Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) Regulations 2015.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Regulations may be cited as the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) Regulations 2015.
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paragraphs: (1) In these Regulations:
(a) a building or part of a building, and land on which a building is to be constructed which at the date the conveyance or lease is executed, was used, or it is the intention of the borrower that the building or part of the building would be used, as a dwelling or would have a dwelling constructed on it; and
(b) the building, or part of the building, does not have or will not have a commercial use on a primary basis;
(a) where the borrower already has a housing loan secured on the residential property, the market value of that residential property; or
(b) where the housing loan agreement is entered into for the purpose of:
(i) purchasing land with the intention of constructing a building on that land; or
(ii) constructing a building,
(c) in any other case, the price agreed in the contract of sale between the buyer and the seller for the residential property excluding associated costs for such sale, such as legal fees and stamp duty or, if lower, the market value of the residential property.
(2) Where the borrower under a housing loan is more than one person and a housing loan has previously been advanced to any one of those persons, none of those persons is a first-time buyer.
(3) Where the borrower under a housing loan is more than one person, all borrowers will be regarded as borrowers under negative equity loans where any one or more of the persons under the housing loan is a borrower under a negative equity loan.
(4) Where a borrower under a housing loan is more than one individual, and at least one of those individuals occupies the residential property or intends to occupy the residential property as a principal home, that residential property is a principal home for the purposes of these Regulations.
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paragraphs: (1) These Regulations shall apply to a housing loan secured or to be secured on residential property in the State.
(2) A lender shall not:
(a) engage in a practice,
(b) enter into an arrangement or transaction,
(c) execute a document, or
(d) structure or restructure a loan,
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paragraphs: (1) These Regulations shall not apply to:
(a) a new housing loan under which amounts are advanced by the lender to refinance the full amount outstanding under an existing housing loan, where the new housing loan is secured or to be secured on the same residential property as the existing housing loan, and the amount to be advanced under the new housing loan does not exceed the amount outstanding under the existing housing loan(whether or not the lender in respect of the existing housing loan and the new housing loan are the same). In determining the amount advanced under the new housing loan no account shall be taken of:
(i) arrangement fees,
(ii) professional fees and costs,or
(iii) administration costs,
(b) a housing loan provided under a housing loan agreement entered into prior to the date of the making of these Regulations;
(c) a housing loan the purpose of which is to address the arrears or pre-arrears of the borrower on an existing housing loan by agreeing alternative repayment arrangements;
(d) without limiting the generality of paragraph (c), a housing loan entered into as part of the Mortgage Arrears Resolution Process described in provision 16 of the Code of Conduct on Mortgage Arrears issued by the Bank;
(e) subject to paragraph (2), a housing loan where the borrower has prior to the date of the making of these Regulations received from the lender a written approval in principle to make that housing loan.
(2) In order for a housing loan to be excluded from the scope of these Regulations under paragraph (1)(e), the lender must, prior to the lender issuing an approval in principle to make the housing loan to the borrower, have undertaken a full credit assessment of the borrower’s ability to repay the housing loan.
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paragraphs: A lender shall ensure that the total aggregate monetary amounts advanced to borrowers under high loan-to-income housing loans made for principal home purposes in a relevant period shall not exceed 20 per cent of the total aggregate monetary amounts advanced to borrowers under housing loans made for principal home purposes by the lender in that relevant period.
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paragraphs: (1) Subject to paragraph (2) of this Regulation, a lender shall ensure that:
(a) the loan-to-value ratio of a housing loan where the borrower is not a first time buyer and the residential property on which the housing loan is or is to be secured is a principal home shall not exceed 80 per cent;