November 28, 2018 / 1:57 PM / 20 days ago

Irish central bank leaves mortgage limits unchanged for 2019

FILE PHOTO: A man walks past the Central Bank of Ireland in Dublin, Ireland, July 25, 2016. REUTERS/Clodagh Kilcoyne/File Photo

DUBLIN (Reuters) - Ireland’s central bank will leave its mortgage lending limits unchanged for 2019 following an annual review in which it said there was scope for further sustainable increases in the already strongly growing new mortgage lending market.

The central bank introduced limits in 2015 capping how much banks can lend for the purchase of a home relative to its value and the borrowers’ income in a bid to curb any repeat of the excessive lending that devastated the economy a decade ago.

Central Bank Governor Philip Lane said on Wednesday that while the level of house prices and rents - particularly in urban areas - pose serious affordability concerns, a sustained and substantial expansion in housing supply was the answer.

Reporting by Padraic Halpin; Editing by Matthew Mpoke Bigg

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