Central Bank has announced it will place limits on lending for mortgages.

Sinn Féin Finance Spokesperson Pearse Doherty TD has welcomed the intervention of Central Bank Governor Patrick Honohan and said it is looking forward to examining the detail of the Central Bank's proposals.

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Mr Doherty said: "There can be no doubt however that these proposed moves on their own will not create a normal mortgage market. It can be one part of the solution but what is needed is a government commitment to the building of social housing. The answer to housing supply does not lie in tax breaks for the private sector.

"To date the government has dismissed any debate about whether a property bubble is emerging. The move by the Central Bank shows that there is concern about this possibility and the government cannot ignore that debate any longer."

(CD/JP)