The Central Bank will monitor and supervise the implementation of these Regulations and take appropriate regulatory action where breaches occur.

In implementing these Regulations the Central Bank expects mortgage loan providers to apply ‘substance over form’ in making lending decisions and have appropriate policies and procedures in place to ensure that requirements of these Regulations are not circumvented. The Central Bank will be mindful of schemes or vehicles some mortgage loan providers may establish to circumvent these Regulations and shall take appropriate action as necessary.

The Central Bank reserves the right to alter any of the “Important Ratios” contained in these Regulations either globally, or for an individual mortgage loan provider, where it so deems appropriate