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Irish central bank proposes new mortgage-switching measures

The Central Bank of Ireland proposed new measures aimed at enhancing the framework of protections for mortgage holders.

The regulator said the measures are aimed at helping consumers that are considering switching their mortgages save on repayments.

Under the proposal, banks will be required to bring customers up to date about other available mortgage options that could save them money and help them compare those with their existing mortgage.

Banks will also be required to inform consumers about the impact of mortgage-related incentives, provide them with standardized switching information and follow a time-bound mortgage-switching process.

The consultation process for the proposal will be open until Nov. 1, the central bank said.