Regulatory Alerts2016-07-21
Feedback Statement on CP98 - Increased Protections for Variable Rate Mortgage Holders
The Central Bank of Ireland issued this feedback statement to finalize enhanced transparency requirements for variable rate mortgage holders following consultation CP98. Regulated entities are now required to publish a prescribed variable rate policy statement, provide information on alternative product options that may offer savings, and explain the specific reasons for any forthcoming interest rate increases. These measures aim to improve consumer understanding of rate calculations, facilitate mortgage switching, and ensure ongoing clarity regarding how and why rates change.
Share