ECB criticises Irish draft law on mortgage arrears
Draft law could encourage moral hazard and harm legal certainty, says ECB
The European Central Bank (ECB) has said a draft Irish law, designed to aid mortgage borrowers who have run up arrears, could harm the country’s financial system.
The Mortgage Arrears Resolution (Family Home) Bill was submitted to Ireland’s parliament by the country’s largest opposition party, Fianna Fáil, in October 2017. The party’s finance spokesman, Michael McGrath, told the Irish parliament the “overarching purpose” of the draft law was to “protect the family home where the borrower is
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