Bank of Ireland boss Richie Boucher warned of potential unintended consequences of the controversial lending cap, which the Central Bank is planning to introduce next year in a bid to cool the rising property market.
He said many house hunters would be unable to save the 20pc deposit they need and could turn to riskier and more expensive unsecured loans to make up the deficit.
“There is an obvious concern here we have as to whether customers take out unsecured debt to meet the loan-to-value rules,” he said.
The unusually frank intervention came as Mr Boucher addressed TDs and senators at the Oireachtas Finance Committee.
Read the full story in the Irish Independent
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