Brendan Burgess
Founder
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Consumer watchdog opposes new law to cap interest rates on variable mortgages
"In a submission to an Oireachtas committee considering the bill, the commission said a mortgage rate cap would lessen competition in the market.
The commission said it "has serious concerns about the proposal and believes that, if enacted, the bill would likely limit competition in the market for principal dwelling house mortgage loans, thereby acting to the detriment of the very consumers that it wishes to protect".
"In a submission to an Oireachtas committee considering the bill, the commission said a mortgage rate cap would lessen competition in the market.
The commission said it "has serious concerns about the proposal and believes that, if enacted, the bill would likely limit competition in the market for principal dwelling house mortgage loans, thereby acting to the detriment of the very consumers that it wishes to protect".