EASING OF CENTRAL
BANK’S RULES WILL AFFECT HOME PURCHASERS

On 27 January 2015 the Central Bank of Ireland first announced regulations for residential lending by regulated financial services providers in the Irish market. These “Macroprudential Rules” came into force on 9 February 2015 and have significantly impacted on home purchasers and conveyancing solicitors.

The results of the first review were announced on the 23 November 2016 with a number of amendments proposed to come into force on 1 January 2017. These follow the introduction of the Help-to-Buy (HTB) scheme designed to assist first-time home buyers with obtaining the deposit required to purchase or self-build a new house or apartment to live in as their home.

Key features include:

•             The ceiling on the loan to value (LTV) ratio for all first time home buyers will be set at 90 per cent. Presently the ceiling is 90 per cent for loans up to €220,000 and 80 per cent for the balance of loans over €220,000.

•             The requirement for buy-to-let borrowers to have a 20% deposit continues to apply to second and subsequent buyers

•             The loan-to-income ratio of 3.5 times stays.

For more information please email This email address is being protected from spambots. You need JavaScript enabled to view it. or telephone Natasha Dunne at 6773434

Author Bio: Natasha Dunne is a Partner in Thomas Barry & Company, a legal practice based in Dublin. She regularly writes on legal issues.

 

Update on

The Defamation Act 2009 – A Submission to the Minister

On 14 January 2016 we made a submission to the Minister for Justice and Equality urging that in the context of the mandatory review of the Defamation Act 2009 she should bring clarity to the question of whether assessment of damages in High Court defamation cases (where an offer of amends is made and not accepted) should be by jury or non-jury cases. See here

An article in the Phoenix magazine of 12 February 2016 (reproduced below) underscores the point. In the case referred to the defendant, the Sunday World newspaper, has argued the assessment should be by Judge only. The High Court judge has ruled it should be by judge and jury and the matter is now under appeal. 

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 The Defamation Act 2009 – A Submission to the Minister

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The Defamation Act, 2009 came into effect on 1 January 2010. Section 5 provides:

(1) The Minister shall, not later than 5 years after the passing of this Act, commence a review of its operation.
(2) A review under subsection (1) shall be completed not later than one year after its commencement.

The Minister in question is the Minister for Justice and Equality.

At the time of writing it is not clear if a review has commenced. With a general election looming it is likely a new Minister will have to deal with the outcome of the review.

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Do I Have A Defamation Case? Five Key Questions

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Defamation, libel and slander is not confined to the classic case of being defamed in a newspaper article or media broadcast. Defamation, libel or slander in Ireland can be much more localised and immediate e.g. being falsely accused of shoplifting, being wrongly detained or being improperly turned away from a night club. Defamation, libel or slander can take place in your work or local community.


Defamation, libel or slander arises when a person or a business is falsely accused of immoral, illegal or unethical conduct. If you feel you or your business has been defamed, libelled or slandered and a response is needed you will require sound legal advice.

Key Questions

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 Major Change as Bankruptcy Term Reduced to One Year

 

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Through the Bankruptcy Act 1988, the Personal Insolvency Act 2012 and the Civil Law and Courts (Miscellaneous Provisions) Act 2013 Ireland’s archaic bankruptcy law underwent major change. On Christmas Day 2015 it went a significant step further.

Signed by President on Christmas Day

On Christmas Day 2015 President Michael D Higgins was obliged to work to meet the deadline for signing the Bankruptcy (Amendment) Act 2015 into law.

Key Provisions

When the final step (the Minister for Justice and Equality setting the commencement date) is taken among the main changes the new Act will introduce are:

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