The Central Bank's threat to reexamine capital adequacy rules for Irish mortgage lenders promoting 100 per cent mortgages appears to be working. The lenders are not pushing the products very hard.
Whether this is a desirable outcome is open to debate, but it does show that regulatory intervention or threats of regulatory intervention have unpredictable consequences.
Mortgages to the full value of the house appear to be selling only a little bit better than they were...
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