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EU tightens home loan rules

08.04.2011 |

People looking for a mortgage will have to prove they can repay the loan under a draft European Union law aimed at stamping out the easy lending that fuelled property bubbles in Ireland and elsewhere. The European Commission published its proposal today when stress tests revealed Irish banks will require to be recapitalised by a further ?24 bn. EU internal market commissioner Michel Barnier, who authored the measure, said that during boom times in Europe borrowers and lenders assumed the good times could not end.

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