Brendan Burgess
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ECB says it can't investigate high mortgage rates
They wrote to Brian Hayes yesterday.
"However the chair of the ECB's Supervisory Board, Daniele Nouy, wrote to Mr Hayes yesterday. He said that an investigation by the ECB of whether banks pass on the main ECB refinancing rate (currently 0pc) to their borrowers is "not foreseen" as it would fall outside the ECB's mandate.
"To the extent that the issues raised are seen as related to sustained market-wide rent extraction, they would be a matter for competition authorities and/or market conduct authorities to investigate," said Ms Nouy.
The ECB also confirmed that it would have to be consulted on any proposals to legislate in the hugely controversial area."
They wrote to Brian Hayes yesterday.
"However the chair of the ECB's Supervisory Board, Daniele Nouy, wrote to Mr Hayes yesterday. He said that an investigation by the ECB of whether banks pass on the main ECB refinancing rate (currently 0pc) to their borrowers is "not foreseen" as it would fall outside the ECB's mandate.
"To the extent that the issues raised are seen as related to sustained market-wide rent extraction, they would be a matter for competition authorities and/or market conduct authorities to investigate," said Ms Nouy.
The ECB also confirmed that it would have to be consulted on any proposals to legislate in the hugely controversial area."