Ian Guider: The mortgage lending rules are frustrating, but so is the alternative

Many home buyers feel aggrieved by the restrictions brought in by the former Central Bank governor six years ago – but the ESRI sees it differently

Patrick Honohan drew up the mortgage rules in 2015, to the anger of many homebuyers. Picture: Maura Hickey

Few Irish institutions emerged from the global financial crisis with an enhanced reputation. Certainly, few policymakers did and the Central Bank lost credibility given its failure to intervene as the banking system became reckless.

The appointment of Patrick Honohan as governor in September 2009 helped to restore the regulator’s tarnished image. It was he who called time on the then government’s embarrassing denials that a bailout was imminent in 2010. As such, Honohan’s legacy is ...