Fine Gael TD for Limerick City, Kieran O'Donnell, has welcomed the news that the international bank, Investec, is to begin lending to Irish homebuyers.

Mr O'Donnell said: "The arrival of Investec will provide a shot in the arm for the Irish mortgage market. We are now seeing new competition entering the Irish mortgage market for the first time since 2008. This is a signal of confidence in the Irish economy.

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"In practical terms this should make it easier for prospective home buyers to get mortgage approval; it will put pressure on the other financial institutions to lower their variable lending rates for prospective and existing mortgage holders.

"Investec is coming into a market which is far more rigorously regulated as a result of legislation introduced by this Government. Investec has clearly done its sums and identified that there is a viable market for them in Ireland. I hope that Investec's arrival will lead to a sensible and sustainable increase in the provision of mortgages in Ireland."

(CD/JP)