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DUBLIN (Reuters) - Some of the proposed restrictions by Ireland's central bank on mortgage lending may need to be phased in to avoid pricing out some buyers, Allied Irish Banks (I:ALBK) Chief Executive David Duffy said on Tuesday.
The proposed measures will require banks to restrict lending above 80 percent of the value of a home to no more than 15 percent of the aggregate value of all housing loans. They will also impose restrictions on the amount of lending in excess of 3.5 times a borrower's income.
"I fully support the principle. I think the rate (on house values) might be a little bit high to start with. If you start at (a deposit of) 20 percent, are there unintended consequences of exclusion? Do you look at phasing?" Duffy, who is also president of Ireland's banking federation, told journalists.
(Reporting by Padraic Halpin; Editing by David Goodman)