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Irish mortgage rate bill putting off new entrants -fin min

Reuters - UK Focus

DUBLIN, May 19 (Reuters) - New (KOSDAQ: 160550.KQ - news) entrants are interested in entering Ireland (Other OTC: IRLD - news) 's mortgage market but they may hold back due to proposed legislation to hand the central bank the power to cap rates, the finance minister said on Thursday.

A proposed law to hand the central bank the power to intervene in setting mortgage rates passed the initial legislative stage in parliament on Wednesday despite objections from the government and central bank.

"There are conversations between outside providers and the central bank to be licensed to operate here but I think there'll be a tendency now to hold back until we see what happens with this legislation," Michael Noonan told reporters.

(Reporting by Padraic Halpin; editing by Jason Neely)