The future of Ireland’s mortgage market: CCPC opens public consultation

February 20, 2017

The Competition and Consumer Protection Commission (CCPC) has today published a public consultation to gather views about the future of the Irish mortgage market.

The public consultation is a key input into a body of work being undertaken by the CCPC. This work was requested by the Government as part of the “Programme for a Partnership Government”. The CCPC is examining the market structure, legislation and regulation of the mortgage market in Ireland and will outline options on how Ireland can develop a better-functioning, more sustainable mortgage market.

Since formally commencing the study in December 2016, the CCPC has undertaken interviews and discussions with a wide range of stakeholders. Industry experts, existing mortgage providers, lenders in external markets and potential new entrants into the Irish market have all provided their insights and opinions. The CCPC has also met with consumer representatives, conducted focus groups with consumers, and consulted with researchers and academics.

Speaking today, Isolde Goggin, Chairperson of the CCPC said, “A mortgage is likely to be the biggest financial commitment most people make in their lifetime. We know that the Irish mortgage market has undergone a period of crisis and that currently it is highly concentrated. This impacts on consumers, both in terms of the options available to them when taking out a mortgage and those considering switching. It also has an impact on the likelihood of new firms entering the market and providing choice, product innovation and competition.

We believe that now is a good time to look forward and propose a series of options for Government to put in place a mortgage market, which is competitive, open to entry and serves the needs of consumers. This consultation is a vital part of our work; it will help us develop an understanding of the current market, and stakeholder’s viewpoints on what is needed from it in the future.”

Interested parties are invited to respond to the consultation in writing by no later than 5pm 20 March 2017.

On foot of the responses received, the CCPC will engage in further consultation and research before producing its final report in May 2017.

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