Central Bank's intervention on mortgages is wrongheaded

The Central Bank plans to introduce mortgage loan to value and loan to income caps starting from January 1, 2015. There is also a consultation' period, although the required regulation has apparently already been drafted, meaning it's a consultation process in everything except spirit and practice.

Meanwhile, the still crippled credit system is working in the most responsible manner I have seen in my entire career to date.

Mortgage lending is at less ...